CommoditiesMedium•11 November 2026•
1 min read
Trump Admin Closes $480M Loan for Gulf of Mexico Oil Expansion
Key Facts
1Arena Energy closed a $480 million loan from the US Department of Energy to support its Project Elkhorn in the Gulf of Mexico.
2The loan will fund the modernization of 22 offshore platforms off Louisiana to add up to 38,600 barrels of oil per day.
Arena Energy closed a $480 million loan from the US Department of Energy to support its Project Elkhorn in the Gulf of Mexico. Oil & Gas Middle East reported that the loan will fund the modernization of 22 offshore platforms off the coast of Louisiana to add up to 38,600 barrels of oil per day.
The financing marks a shift toward direct financial support for the fossil fuel industry under the administration of President Donald Trump. The project aims to increase domestic energy output by upgrading existing offshore infrastructure in US waters.