President Trump said on Truth Social that South Korea will invest $8.4 billion in an Enhanced Oil Recovery (EOR) project in the United States. EOR injects CO2 into oil fields to increase crude output. South Korean officials responded that no such investment is under discussion, and that the only agreed strategic investments are listed in the joint fact sheet and press releases. Analysts see a possible link to the carbon capture, utilization, and storage (CCUS) business that the U.S. reportedly raised in earlier investment talks. That plan would use captured CO2 for EOR as a revenue model. South Korea was said to be reluctant because of profitability concerns, and the official joint announcement did not mention EOR or CCUS. Trump gave no project details, timeline, or operator. The announcement fits a pattern of unilateral deal claims before the U.S. midterm elections, when oil prices are a political issue. For carbon markets and CCUS watchers, the open question is whether any real agreement emerges and how the carbon accounting would work.
