Arena Energy Secures $480 Million DOE Loan for Gulf of America Infrastructure Project
Arena Energy, through its subsidiary Elkhorn Offshore, LLC, has finalized a $480 million loan from the U.S. Department of Energy's Office of Energy Dominance Financing. The funding will support 'Project Elkhorn,' an initiative to retool, refurbish, and expand offshore platform capacity in the Southern Eugene Island area off the coast of Louisiana. The project aims to return idled platforms to service and develop new natural gas pipeline infrastructure. This investment is projected to add approximately 125 million barrels of oil and 250 billion cubic feet of natural gas production over its lifespan, while generating an estimated $1.6 billion in additional federal royalties. Beyond energy production, Project Elkhorn is expected to create roughly 2,800 jobs, including construction and operations roles. The project will be executed alongside affiliated partners White Fleet Drilling and Rosefield Pipeline.