UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) and Eni signed a landmark structured financing agreement with PTT Exploration and Production Public Company Limited (PTTEP).

The deal aims at securing financing of up to $11 billion (AED 40.40 billion) to monetize Hail and Ghasha’s midstream future gas production, according to a press release.

Located offshore Abu Dhabi, Hail and Ghasha is part of the larger Ghasha Concession, which is expected to produce 1.80 billion standard cubic feet per day (bscfd) of gas.

It is also the world’s first offshore gas project of its kind that aims to operate with net zero emissions, capturing 1.50 million tonnes per year (mtpa) of carbon dioxide (CO2), equivalent to removing over 300,000 cars off the road every year.

Sultan Ahmed Al Jaber, ADNOC’s Managing Director and Group CEO, said: “This landmark transaction builds on ADNOC’s successful track record of global energy partnerships and unlocks capital to drive progress at Hail and Ghasha, one of the world’s most ambitious offshore gas projects.”

ADNOC’s latest financing model follows a series of landmark midstream and infrastructure transactions, including a $4.90 billion (AED 18 billion) oil pipeline partnership and a $10.10 billion (AED 37.10 billion) gas pipeline agreement.

This is in addition to major build-own-operate-transfer (BOOT) projects, such as the $3.80 billion (AED 14 billion) project to power and decarbonize offshore operations and the $2.20 billion (AED 8.30 billion) project to deliver sustainable water supplies to onshore operations.