Trump Says South Korea Deal Includes $8.4 Billion U.S. Oil Project
Trump Says South Korea Deal Includes $8.4 Billion U.S.
Oil Project Tehran’s shrinking export revenues raise… Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… President Donald Trump said Friday that South Korea’s investment agreement with the United States now includes $8.4 billion for an enhanced oil recovery project.
“The Republic of Korea Deal keeps getting BETTER! 8.4 Billion Dollars for an enhanced Oil Recovery Project.
Producing more Oil and Gas means American Energy Dominance and Energy Security in the World for the Future!” Trump wrote on Truth Social.
Enhanced oil recovery (EOR) is used to squeeze more production from aging fields after extraction slows using conventional methods.
The process can involve injecting carbon dioxide, natural gas, steam, or other materials into a reservoir to push more oil toward producing wells.
The Truth Social post did not identify the field, operator, or location of the $8.4 billion project.
South Korea’s industry ministry said the EOR investment was not included in the strategic investment agreement reached between the two countries.
Seoul has asked Washington for clarification, according to Yonhap.
This isn’t the only round of U.S.-South Korean investment announcements this week, and just a couple weeks ago, South Korea said it was looking tocut its reliance on Middle Eastern crudeby as much as half by 2035.
Trump said Wednesday that South Korea would put $200 billion into U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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