Occidental Petroleum
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Incremental gains are not always celebrated, but as two of the biggest oil producers in the US show, they nonetheless can net unrealized savings and new efficiencies. -
Occidental Petroleum is planning a carbon-intensive future with revenues from oil expected to be put toward pulling carbon dioxide out of the air.
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The Houston-based oil and gas producer says the latest transaction moves its divestment sum past $9 billion.
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A lot has been learned about shale, but those working to eke out oil from that ultratight rock still extract more value from data than physics.
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Occidental Petroleum has split from some of its larger rivals by rejecting a potential US carbon tax, saying that it prefers the existing system of tax credits.
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Recent decisions by US market regulators reflect growing pressure on the largest US oil producers to back up emissions targets with more detailed strategies through disclosures.
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To reach their targets for carbon neutrality, many oil and gas producers are investing in other energy industries. This US company will instead get there by investing more in its oil fields.
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The challenge is immense, but the promise is, too. If the oil and gas business can scale up CO2 EOR, then it can play a very big role in mitigating climate change while offering carbon-negative fuels.
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Phase 1 involved a feasibility study for a facility capable of capturing 750,000 tonnes of carbon dioxide annually. The next phase will explore building a facility capable of more than twice that amount.
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Oxy Low Carbon Ventures and Rusheen Capital Management have formed a development company to finance the world’s largest carbon-dioxide-capturing facility using Carbon Engineering’s direct air capture technology.
