Abu Dhabi National Oil Company (ADNOC) has raised $11 billion in financing to support the development of its Hail and Ghasha gas fields, strengthening its long-term gas expansion plans.

The funding was arranged through a structured deal backed by future gas output, allowing ADNOC to access capital years ahead of production. First gas from the offshore project is expected before the end of the decade.

The financing involves about 20 international, regional, and Asian banks and was completed in partnership with Italy’s Eni and Thailand’s PTTEP. It follows the exit of Russia’s Lukoil from the Ghasha project, with its 10% stake transferred to ADNOC after recent sanctions.

The deal uses a pre-export finance structure, where future gas deliveries serve as collateral. This approach reduces ADNOC’s upfront equity contribution and improves projected returns on the project.

Asian lenders played a major role in the transaction, with Chinese banks providing a significant share of the funding. The mix of lenders also includes Middle Eastern and Western banks, reflecting strong international demand for the project.

The Hail and Ghasha development is central to ADNOC’s gas growth strategy and is expected to produce up to 1.8 billion cubic feet of gas per day. The company says the project is designed to operate with net-zero emissions.

The financing adds to ADNOC’s broader efforts to expand globally and strengthen its balance sheet. In recent years, the company has raised funds through asset listings, infrastructure deals, and the creation of XRG, its international investment arm with assets exceeding $150 billion.

ADNOC CEO Sultan Al Jaber said the project would deliver long-term value and support the company’s ambition to become a leading global energy producer.