Trump Says South Korea Deal Includes $8.4 Billion U.S. Oil Project

President Donald Trump announced on Friday that South Korea's investment agreement with the United States now includes $8.4 billion for an enhanced oil recovery project. However, Seoul maintains that such a figure was never part of the deal. President Trump shared the news on his social media platform, Truth Social, stating that the strategic investment agreement keeps getting better with the inclusion of $8.4 billion for an enhanced oil recovery project.

The process of enhanced oil recovery (EOR) is used to extract more oil from aging fields after conventional methods slow down production. EOR can involve injecting various materials into a reservoir to push more oil towards production wells. The Truth Social post did not specify the location, operator, or field of the $8.4 billion project.

South Korea's industry ministry clarified that the EOR investment was not included in the strategic investment agreement between the two countries. Seoul has requested further clarification from Washington. This is not the only investment announcement this week; South Korea has also pledged $200 billion to U.S. projects, including eight nuclear power plants, a Texas power generation facility, and an Alaska LNG pipeline.

However, South Korea remains cautious about the Alaska project, with participation still subject to commercial viability and legal review.