PTTEP announces joint venture for Ghasha concession targeting 1.8 billion cubic feet of gas
Key Facts
PTTEP announced the establishment of a joint venture for the Ghasha concession project, according to a disclosure it filed on 22 October 2026, as part of the development of the existing concession offshore Abu Dhabi. The broader Ghasha concession is expected to produce 1.8 billion standard cubic feet of gas per day, according to ADNOC. The concession includes the Hail and Ghasha project, which is linked to the development of the emirate's offshore gas resources. ADNOC lists the project among those supporting the UAE's goal of achieving gas self-sufficiency. It also links the project to meeting growing export demand, making its development part of plans to supply domestic and overseas markets. ADNOC's board had previously approved the establishment of ADNOC Ghasha, a new company to operate the concession.
PTTEP's participation in the concession dates back to a deal announced on 11 June 2024 to acquire a 10% participating interest from German energy company Wintershall Dea Middle East. The disclosure on the establishment of the joint venture thus follows its earlier entry into the project through the acquisition of a stake from an existing partner. The company says Ghasha is geographically close to the Abu Dhabi Offshore 2 project. It is also near the Abu Dhabi Offshore 3 project, where the company also has joint investments. PTTEP believes this proximity to its existing investments allows for efficient project management. Eni, for its part, describes the agreement to develop the Hail, Ghasha and Dalma fields as a 40-year concession to exploit resources in the Arabian Basin.
ADNOC previously announced, alongside Eni and PTTEP, the signing of structured financing of up to $11 billion linked to the development of Hail and Ghasha. The agreement aims to monetise the value of future gas production associated with the project's processing facilities. ADNOC said the financing arrangement enables this "while retaining strategic and operational control of the assets". In terms of economic returns within the UAE, the company expects in-country value equivalent to 60% to flow back into the UAE economy over the life of the Ghasha project. This estimate covers the project's entire life, while the financing arrangement is based on the value of its future gas production.
On execution, Eni says the Hail and Ghasha project, which received investment approval in 2023, is progressing according to the development plan. The company described work as "progressing in line with the development plan". The scope of the engineering, procurement and construction contract for the offshore facilities includes installations on artificial islands, according to ADNOC. The contract also includes subsea pipelines as part of the project's offshore infrastructure. Alongside the development of these facilities, the Hail and Ghasha plan targets the capture of 1.5 million tonnes of carbon dioxide annually during planned future operations. The plan also includes the production of low-carbon hydrogen. ADNOC says this hydrogen can replace fuel gas, as part of the technologies it intends to use in the project.
In other development phases, Eni says the Dalma gas project is currently in its final completion stage. Dalma is among the fields covered by the concession agreement described by the company, alongside Hail and Ghasha. ADNOC, meanwhile, aims to add production from the SARB Deep Gas development, which is also part of the Ghasha concession. The company has set a production target for this development of 200 million standard cubic feet of gas per day. ADNOC aims to reach this output before the end of the decade, making SARB one of the phases adding future supplies within the concession.