ADNOC secures historic $11 billion financing for Ghasha gas project after Lukoil exit
By Axel Miller | 18 Dec 2025
ABU DHABI – Abu Dhabi National Oil Company (ADNOC) has signed a landmark $11 billion (AED 40.4 billion) structured financing agreement to monetize future production from its colossal Hail and Ghasha offshore gas fields.
The deal, executed alongside partners Eni and PTTEP, involves a consortium of 20 global lenders and represents one of the largest energy financing packages of the year. It comes just weeks after ADNOC consolidated control over the asset by absorbing a 10% stake previously held by Russia’s Lukoil, which exited the project in November amid mounting sanctions pressure.
Funding future flows
The transaction is structured as a Pre-Export Finance (PEF) facility—a mechanism rarely used for greenfield gas projects of this magnitude. By ring-fencing the midstream processing assets, ADNOC has unlocked billions in upfront capital years before the first gas is expected to flow at the end of the decade.
“This is a balance sheet optimization masterclass,” noted a Dubai-based energy banker. “ADNOC is raising cheap capital today against revenue streams that won’t exist until 2030, while simultaneously de-risking the project for its partners.”
Asian appetite
The financing round saw heavy oversubscription from Asian institutions, particularly Chinese state lenders including the Bank of China and ICBC. This underscores the strategic pivot of Gulf energy producers toward the East, where demand for LNG and gas remains robust compared to a plateauing Europe.
Net-zero design
Once operational, the Hail and Ghasha concession aims to produce 1.8 billion standard cubic feet per day (bscfd) of gas. Uniquely, it is designed to operate with net-zero emissions, utilizing carbon capture technology to sequester 1.5 million tonnes of CO2 annually—a key selling point for ESG-conscious investors.
Brief summary
ADNOC has secured an $11 billion pre-export financing facility for its Hail and Ghasha offshore gas project, involving 20 banks and significant participation from Chinese lenders. The financing follows ADNOC’s absorption of Lukoil’s 10% stake. The project is designed to be the world’s first net-zero operational gas development, targeting a production capacity of 1.8 bscfd by 2030.
Frequently asked questions (FAQs)
Q1: What is the deal?
ADNOC and its partners (Eni, PTTEP) secured an $11 billion loan against the future gas production of the Hail and Ghasha fields.
Q2: Why is this significant?
It is a rare use of pre-export financing for a “greenfield” (new) project, providing ADNOC with immediate liquidity for construction without increasing direct corporate debt.
Q3: What happened to Russia’s Lukoil?
Lukoil exited the project in November 2025, handing its 10% stake to ADNOC. This followed increased international sanctions on Russian energy firms.
Q4: Who lent the money?
A consortium of 20 banks, including local leaders like First Abu Dhabi Bank (FAB) and major Chinese institutions like Bank of China and ICBC.
Q5: Is this project “green”?
While it produces fossil fuels, it is the world’s first offshore gas project designed for net-zero operational emissions through integrated carbon capture and the use of renewable energy for processing.
