$8.4 Billion EOR Project Added to US-South Korea Trade Agreement

US President Donald Trump announced that South Korea's investment package under their trade agreement with the US now includes $8.4 billion for an enhanced oil recovery (EOR) project. This is in addition to a broader $350 billion South Korean investment commitment tied to the U.S.-South Korea trade agreement.

The EOR technique involves using various methods to draw out more crude oil from an underground reservoir after conventional production techniques have already been used.

The Department of Energy states that oil production may involve primary, secondary and tertiary, or enhanced, recovery. Enhanced oil recovery can offer the potential to recover 30% to 60% or more of a reservoir's original oil in place.