In Partnership with Eni and PTT Exploration and Production
ADNOC Secures AED 40.4 Billion Structured Financing for Hail and Ghasha Gas Field Development
The Abu Dhabi National Oil Company (ADNOC), in partnership with Eni and PTT Exploration and Production General Limited, announced today the completion of a structured financing deal worth up to AED 40.4 billion (US$11 billion) to provide liquidity for future gas production from the processing, transportation, and distribution infrastructure assets for the development of the Hail and Ghasha gas fields.
The deal, which is part of the Ghasha concession project, is expected to contribute to production of 1.8 billion standard cubic feet of gas per day from the concession located in Abu Dhabi's offshore area.
ADNOC will redirect more than 60% of the project's investment value to the national economy through its Local Content Program, according to the Emirates News Agency (WAM).
The project is expected to capture 1.5 million tons of carbon dioxide emissions annually, equivalent to removing more than 300,000 fossil fuel-powered vehicles from the roads each year. It aims to operate its offshore operations entirely autonomously, without requiring human personnel.
The consortium of banks providing the financing includes Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Agricultural Bank of China, Bank of China, Citibank, Development Bank of Singapore, Dubai Islamic Bank, Emirates Development Bank, Emirates NBD, First Abu Dhabi Bank.
and Gulf Investment Bank, Industrial and Commercial Bank of China, Mashreq Bank, Mizuho Bank, MUFJ Bank, Natixis, National Bank of Kuwait, Sharjah Islamic Bank, Sumitomo Mitsui Banking Corporation, National Commercial Bank of Saudi Arabia, and Standard Chartered Bank.
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