Adnoc last week issued its debut bond, raising $4bn for the Abu Dhabi NOC as it seeks to diversify its funding sources. The bond was raised by Adnoc Murban, which was incorporated in 2021 to act as Adnoc’s sole debt capital markets borrowing entity (MEES, 6 September). With Adnoc Murban’s operations based on the receipt of 1mn b/d of Murban crude (40°API, 0.7% sulfur) from its parent company, the bond is essentially underpinned by Adnoc’s huge onshore production facilities. With additional funding expected to be raised from further bonds in the years ahead, Adnoc’s onshore operations are central to its financing efforts.
The firm’s overall stated production capacity is now 4.85mn b/d, and it targets 5mn b/d by 2027 – a target which sources in the company are increasingly confident could be hit earlier still. Of this, approximately half is from onshore concessions, of which by far the largest is Adnoc Onshore which has capacity to produce more than 2mn b/d. The shareholders are Adnoc (60%), TotalEnergies (10%), BP (10%), CNPC (8%), Inpex (5%), Zhenhua (4%), and GS Energy (3%). (CONTINUED - 994 WORDS)
