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Trump administration announces $480M loan for Gulf of America project

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The Trump administration is issuing a $480 million loan for a Gulf of America oil and gas project.

Arena Energy’s Project Elkhorn aims to increase oil and natural gas production along the Gulf of America shelf.

"The project will modernize 22 offshore platforms off the coast of Louisiana and, at peak production, is expected to add up to 38,600 barrels of oil per day and up to 77 million cubic feet of natural gas per day to U.S. energy production," Trump administration officials said in a news release.

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