$480 Million Federal Loan to Fund Upgrades at 22 Offshore Oil Platforms

The U.S. Department of Energy has closed a $480 million loan for Arena Energy’s Project Elkhorn to expand offshore oil and natural gas production, according to a department release obtained by Fox Business. The project will modernize 22 platforms off Louisiana’s coast.

• At peak production, the project is expected to add up to 38,600 barrels of oil per day and 77 million cubic feet of natural gas per day.
• Arena currently produces approximately 30,000 barrels of oil daily in the Gulf, according to the department.
• The financing comes through DOE’s Office of Energy Dominance Financing. The announcement describes a completed loan closing.
• Energy Secretary Chris Wright said the project is expected to create thousands of jobs.

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Editor’s Note: This is a developing story. This article may be updated as more details become available.