Energy Department Closes $480 Million Loan for Project Elkhorn to Modernize 22 Offshore Platforms
WASHINGTON — The U.S. Department of Energy's Office of Energy Dominance Financing (EDF) on November 10 announced the financial close of a $480 million loan for Arena Energy's Project Elkhorn to increase oil and natural gas production across the Gulf of America shelf. The project will modernize 22 offshore platforms off the coast of Louisiana and, at peak production, is expected to add up to 38,600 barrels of oil per day and up to 77 million cubic feet of natural gas per day to U.S. energy production.
The department said the announcement was made possible by President Trump's Working Families Tax Cut and marks the Energy Department's first closed loan supporting domestic oil and natural gas production.
"The United States is the world's largest producer and exporter of oil and natural gas, and thanks to President Trump, American energy production will continue to grow," said U.S. Secretary of Energy Chris Wright. "Project Elkhorn will increase oil production by up to 38,600 barrels per day and create thousands of jobs. By providing financing for projects like Project Elkhorn, the Energy Department is expanding domestic production and strengthening our energy security."
Arena Energy currently produces approximately 30,000 barrels of oil per day offshore in the Gulf of America. The department said Project Elkhorn will modernize existing offshore infrastructure and expand production capacity, adding approximately 125 million barrels of oil and 250 billion cubic feet of natural gas to U.S. energy production over the life of the project. The project will create 2,400 construction-related jobs and 400 operations jobs in one of the nation's most important offshore energy corridors.
"Thanks to President Trump and Secretary Wright's leadership, EDF is putting existing energy infrastructure back to work for the American people," said EDF Director Gregory A. Beard. He said the project will expand domestic oil and natural gas production, create good-paying American jobs, and strengthen U.S. energy security while generating substantial returns for American taxpayers.
(Source: U.S. Department of Energy)
Source: U.S. Department of Energy
Published by GSM · USA (original Chinese edition)
Photo: 图：美国能源部总部大楼（GSM 固定图库）。 / Photo: U.S. Department of Energy headquarters (GSM asset library).
