Occidental Petroleum
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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. -
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.
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Lingering low oil prices are forcing Occidental to mark down the value of its oil and gas assets again, making the burden of its staggering debt look even greater.
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Houston-based Occidental had earmarked the money to ease debt from buying Anadarko.
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BP says it is firmly committed to achieving the ambitious target of net-zero greenhouse gas emissions over the next 30 years—even if that means producing less oil and gas.
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Layoffs have begun at Occidental Petroleum, which needs to slack costs after buying Anadarko, as well as Apache.
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A new joint study will test the economic viability of taking CO2 from a cement plant and giving it to an oil company to pump underground.
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Occidental Petroleum has closed on deals totaling $1.7 billion as part of its divestment program following its $38-billion takeover of Anadarko Petroleum.
