The US Department of Energy has closed a $480 million loan for Arena Energy’s Project Elkhorn, financing the modernisation of 22 offshore platforms off Louisiana. The department announced financial close on 10 November.
DOE expects the programme to add up to 38,600 barrels of oil a day and 77 million cubic feet of gas a day at peak output. Those are projected additions from the redevelopment, rather than production already achieved.
The department forecasts 2,400 construction-related jobs and 400 operations roles. These figures describe anticipated project employment and should not be read as a list of vacancies currently open.
Elkhorn focuses on extending the use of existing offshore infrastructure through refurbishment and capacity upgrades. DOE estimates additional lifetime output of approximately 125 million barrels of oil and 250 billion cubic feet of gas.
The financing gives the redevelopment a confirmed funding milestone, while delivery of its production and workforce forecasts will depend on execution of the offshore works. DOE describes it as its first closed loan supporting domestic oil and gas production.
Source: original announcement.
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Image credit: Illustrative US offshore-sector file photograph: Marco Polo platform in Green Canyon, Gulf of Mexico, 28 January 2024. This is not an Arena Elkhorn platform or current redevelopment work. GuavaTrain / Wikimedia Commons, CC0. Resized and compressed.
By Energy People. Compiled with AI assistance from linked sources.
