Trump says US deal with South Korea has $8.4 billion for oil recovery
USO•President Donald Trump said a US deal with South Korea includes $8.4 billion for an enhanced oil recovery project to extract remaining crude from an aging oilfield.
1. Oil recovery project
Trump said the deal includes $8.4 billion for a project that would pump gases into an aging oilfield to push out remaining crude. Enhanced oil recovery often uses carbon dioxide; oil companies support the technology, while environmental groups say it can prolong dependence on petroleum and is not a climate solution.
2. Broader investment package
Trump also said South Korea would invest $200 billion in US projects, including eight large-scale nuclear power plants, a natural gas pipeline and a 6-gigawatt power generation facility in Texas. Seoul said the proposed Alaska LNG project would proceed only if commercial and legal conditions are met, and that it would review the project's viability and legal compliance.
