> ## Content Index
> Fetch the complete content index at: https://www.gridlinedaily.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Energy Department closes $480 million loan for Arena Energy's Gulf project
- URL: https://www.gridlinedaily.com/energy-department-closes-480-million-loan-for-arena-energys-gulf-project/
- Published: 2026-11-10T19:23:06.000Z
- Updated: 2026-11-10T19:23:06.000Z
- Description: The Office of Energy Dominance Financing closed the loan for Project Elkhorn, which Arena Energy says will modernize offshore platforms and add oil and gas output off Louisiana.
- Author: Gridline Staff
- Tags: Policy, #auto

The Department of Energy's Office of Energy Dominance Financing said it closed a $480 million loan for Arena Energy's Project Elkhorn, which is meant to increase oil and natural gas production on the Gulf of America shelf, according to a department press release obtained by Fox News.

WDSU reported that Energy Secretary Chris Wright announced the loan in Luling, Louisiana, on Tuesday. The station also reported that the project is the first closed loan by the Energy Department to support domestic oil and natural gas production.

Arena said in its own press release that the financing will be used to retool, refurbish, repower and expand capacity across offshore platforms in the Southern Eugene Island area off Louisiana. Quiver Quantitative, citing the Fox Business report on the department release, said the project will modernize 22 platforms off the state's coast.

Wright said Project Elkhorn will increase oil production by up to 38,600 barrels per day. The Energy Department said Arena currently produces about 30,000 barrels of oil per day in the Gulf. Arena's figures show the project adding approximately 125 million barrels of oil and 250 billion cubic feet (bcf) of natural gas over its life.

Arena said the project will support 2,800 jobs, made up of 400 operations roles and 2,400 construction jobs. The company also said the added production will lead to an estimated $1.6 billion in additional federal royalties. Arena, whose chief executive is Mike Minarovic, said the Office of Energy Dominance Financing conducted a rigorous review of the project and that the loan will let the company accelerate additional royalty income to the federal government.

Wright said financing projects like Project Elkhorn expands domestic production and strengthens energy security. The Energy Department said such investments will lower costs for all Americans.

### Where each side stands

- **Energy Secretary Chris Wright / Department of Energy:** Wright said financing projects like Project Elkhorn expands domestic production and strengthens energy security, and the department said such investments will lower costs for all Americans.
- **Arena Energy (CEO Mike Minarovic):** Arena said the Office of Energy Dominance Financing conducted a rigorous review of the project, and that the project will let the company accelerate additional royalty income to the federal government.

---

**Sources:** [Fox Business](https://www.foxbusiness.com/politics/trump-admin-pouring-480m-loan-gulf-america-oil-gas-project?ref=gridlinedaily.com), [WDSU](https://www.wdsu.com/article/louisiana-energy-secretary-chris-wright-announcement/74389335?ref=gridlinedaily.com), [Securities.io](https://www.securities.io/elkhorn-offshore-closes-480-million-doe-loan-for-project-elkhorn/?ref=gridlinedaily.com), [PR Newswire (Arena Energy release)](https://www.prnewswire.com/news-releases/arena-energy-closes-480-million-department-of-energy-loan-for-energy-infrastructure-improvements-in-the-gulf-of-america-302935060.html?ref=gridlinedaily.com)

*This story was produced by Gridline's automated desk from the reporting linked above.*