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Louisiana Offshore Project Receives $480 Million Department of Energy Loan to Boost Output
The first DOE loan for domestic oil and gas production will modernize 22 offshore platforms and add up to 38,600 barrels a day.
- On Tuesday, U.S. Energy Secretary Chris Wright announced a $480 million loan from the U.S. Department of Energy to Arena Energy's subsidiary, Elkhorn Offshore, LLC, supporting Project Elkhorn in the Gulf of America.
- Project Elkhorn will modernize 22 offshore platforms in the Southern Eugene Island area, refurbishing existing infrastructure to extend productive life and increase capacity for domestic energy production.
- Expanding production capacity, the initiative will support 2,800 jobs, including 400 operations and 2,400 construction roles, while adding approximately 125 million barrels of oil and 250 billion cubic feet of natural gas.
- Federal officials expect the project to generate an estimated $1.6 billion in additional royalties, providing a return of more than three times the investment for American taxpayers.
- Marking the DOE's first closed loan for domestic oil and natural gas, the financing aims to strengthen energy security and lower costs for Americans by leveraging mature offshore fields.
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United States Energy Secretary announces loan to expand energy production across the Gulf
The United States Energy Secretary is in Louisiana Tuesday, where he announced a loan for a project that is expected to boost oil and natural gas production across the Gulf Coast.
·New Orleans, United States
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Arena Energy Closes $480 Million Department of Energy Loan for Energy Infrastructure Improvements in the Gulf of America
/PRNewswire/ -- Arena Energy, LLC ("Arena"), a leading independent oil and natural gas exploration company focused on the shallow waters of the Gulf of...
·Chicago, United States
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Louisiana offshore project receives $480 million Department of Energy loan to boost output
WASHINGTON — The U.S. Department of Energy announced today it closed a $480 million loan for Arena Energy's Project Elkhorn to increase oil and natural gas production across the Gulf shelf.
·Baton Rouge, United States
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BizToc
BizTocTrump admin pouring $480M loan into Gulf of America oil and gas project
The U.S. Energy Department touted the financial close of a $480 million loan targeted at helping to boost oil and natural gas production in the Gulf of America.
·New York, United States
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Total News Sources15
Leaning Left0Leaning Right1Center7Last UpdatedBias Distribution88% Center
Bias Distribution
- 88% of the sources are Center
88% Center
C 88%
12%
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