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April 23, 2022 07:19 pm

Major US Oil Company Now Plans World's Largest Carbon Capture Project

If you ranked all U.S. companies by annual revenue, Occidental Petroleum comes in at #183. But Wednesday this massive "hydrocarbon exploration" company "outlined plans to advance its clean energy transition business," reports Reuters, "including spending between $800 million and $1 billion on a facility to remove carbon dioxide (CO2) from the air."The proposed facility, the world's largest direct air capture (DAC) project, is set to begin construction in the second half of this year in the Permian basin, the largest U.S. oilfield, with a start in 2024. The U.S. oil and gas producer is aiming to build a profitable business from providing services and technologies that pull CO2 out of the air and burying it underground to advance government and business climate mitigation goals. This year's investments in the low carbon business will total $275 million, and the company plans to develop over time three carbon sequestration hubs that will be online by 2025 and another 69 smaller DAC facilities by 2035, it told investors.... Occidental's first DAC facility has a goal of removing 1 million tonnes of CO2 from the atmosphere per year — 100 times bigger than all 19 DAC plants currently operating worldwide combined, according to the International Energy Agency. "There's just not going to be enough other alternatives for CO2 offsets," said Occidental Chief Executive Vicki Hollub. "So this is a sure opportunity." Executives did not say when they expect the business to turn a profit. DAC is currently not commercial on a large scale. "We expect that to play out over the next five to 10 years as we develop plants," Richard Jackson, Occidental's head of U.S. onshore resources and carbon management operations, told Reuters by phone. "The commerciality of those plants will be determined by mainly the market". Last month Occidental announced that Airbus had already pre-purchased "400,000 tonnes of carbon removal credits from [Occidental's] planned first Direct Air Capture facility," specifically, "the capture and permanent sequestration of 100,000 tonnes of CO2 from the atmosphere each year for four years — with an option to secure more volume in the future." Occidental called the deal "indicative of the availability of a feasible, affordable, and scalable decarbonization solution for aviation and other hard-to-abate industries."

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