Abu Dhabi National Oil Company (ADNOC) has secured $11 billion in structured financing to monetise future gas production from its Hail and Ghasha development, the state company said on Thursday, after Russia's Lukoil exited the project.
The deal, signed with partners Eni and PTTEP , involves 20 global and regional banks. It uses a "pre-export finance" model backed by future gas throughput, providing upfront cash years before first production, which is expected by the end of the decade. The transaction is the latest move in ADNOC’s strategy to leverage its balance sheet and fund a transition into a global energy major. The company has previously utilised lease-leaseback deals for infrastructure and listed six subsidiaries to raise billions of dollars. It also set up XRG, an international investment arm that has swelled to more than $150 billion in assets, including Germany's Covestro.
Russia’s Lukoil exited the project following sanctions, transferring its stake to ADNOC. The Hail and Ghasha development aims to produce 1.8 billion cubic feet per day of net-zero gas.