Abu Dhabi National Oil Company (ADNOC) has signed a landmark structured financing transaction of up to $11 billion to monetize future midstream natural gas production from the Hail and Ghasha project in partnership with Eni and PTT Exploration and Production (PTTEP).

The development forms part of the broader Ghasha Concession offshore Abu Dhabi and is designed as one of the world’s first offshore natural gas projects of its kind to operate with net-zero emissions, targeting the capture of around 1.5 million tonnes of carbon dioxide per year.

The project is expected to produce up to 1.8 billion standard cubic feet per day (bscf/d) of natural gas, supporting the United Arab Emirates’ strategy to boost domestic gas supply and enhance energy security. The non-recourse financing structure enables ADNOC to unlock upfront value at competitive rates while retaining strategic and operational control over the midstream assets.

Under this structure, the midstream processing facilities are ring-fenced, allowing access to lower-cost funding backed by long-term contracted product flows rather than ADNOC’s corporate balance sheet. The transaction represents the latest in a series of ADNOC-led partnerships aimed at delivering large-scale, capital-efficient, and lower-carbon energy infrastructure.

ADNOC’s new model builds on a track record of major midstream and infrastructure transactions, including a $4.9 billion oil pipeline partnership and a $10.1 billion gas pipeline agreement with leading global infrastructure and institutional investors.

It also follows build-own-operate-transfer (BOOT) projects, such as a $3.8 billion initiative to power and decarbonize offshore operations and a $2.2 billion project to provide sustainable water supplies for onshore facilities.