Summary
- President Donald Trump said negotiations with South Korea include a US oil production project worth $8.4 billion.
- He said the project would use enhanced oil recovery (EOR) technology to improve crude recovery rates and output.
- The specific details of the project mentioned by Trump, and whether there is an official agreement between the US and South Korea, have not been confirmed.
President Donald Trump said negotiations with South Korea include a $8.4 billion project aimed at increasing US crude oil production.
In a Truth Social post on October 2, Trump said he was "very pleased" to report that talks with South Korea "continue to get better and better" and include an $8.4 billion enhanced oil recovery project.
Enhanced oil recovery, or EOR, is a technique that injects carbon dioxide, or CO2, and other substances into oil fields to improve recovery rates and boost production.
Producing more oil and gas means US energy dominance and future global energy security, Trump wrote.
The specific details of the project Trump mentioned, and whether it is part of an official agreement between the US and South Korea, have not been confirmed.
Uk Jin
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