ADNOC-led consortium secure finance for future production from offshore Hail, Ghasha field
ADNOC, Eni and PTTEP have signed a financing transaction of up to $11 billion with multiple institutions to cover future midstream gas production from the Hail and Ghasha fields on the Ghasha Concession offshore Abu Dhabi.
The development, which will produce up to 1.8 Bcf/d of gas, is said to be the first of its type to operate with net-zero emissions.
Facilities are designed to capture 1.5 MMmt/year of CO2.
ADNOC said the non-recourse financing arrangement was unique for an energy project of this scale and complexity.
In addition to securing immediate access to capital, the financing structure’s commercial model, which ring-fences the midstream processing facilities and operations, will allow the partners to raise low-cost funding while retaining operational control of the assets.
Previous ADNOC-led finance raising exercises include a $3.8 billion project to power and decarbonize its offshore operations.
