ADNOC Secures $11 Billion Financing for Hail and Ghasha Gas Project Amid Lukoil Exit

Abu Dhabi National Oil Company (ADNOC) has obtained $11 billion in structured financing for future gas production from its Hail and Ghasha development, following Lukoil's exit from the project. The financing, secured in partnership with Eni and PTTEP, involves 20 global banks and employs a pre-export finance model, allowing ADNOC to access upfront capital years before production begins, expected by 2030.

The transaction reflects ADNOC's strategy to enhance its balance sheet and transition into a global energy leader. The project aims to produce 1.8 billion standard cubic feet per day of gas with net-zero emissions through carbon capture technology. Lukoil transferred its 10% stake to ADNOC in November 2025 amid increased sanctions pressure on Russian energy firms.