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Trump admin pouring $480M loan into Gulf of America oil and gas project
Fox Business • • business
Key Points:
- The U.S. Department of Energy’s Office of Energy Dominance Financing has finalized a $480 million loan to Arena Energy’s Project Elkhorn, aimed at increasing oil and natural gas production in the Gulf of America.
- Project Elkhorn will modernize 22 offshore platforms off the Louisiana coast, with expected peak production of up to 38,600 barrels of oil and 77 million cubic feet of natural gas per day.
- The initiative is projected to create thousands of jobs and enhance U.S. energy security by expanding domestic production, as highlighted by Energy Secretary Chris Wright.
- Current oil production by Arena Energy in the Gulf stands at about 30,000 barrels per day, and the project aims to significantly boost this output.
- The loan and project are framed as part of broader efforts to strengthen American energy independence amid elevated fuel prices and geopolitical tensions affecting the energy market.
