Oxy Low Carbon Ventures has signed an agreement with Natural Resource Partners L.P. for the evaluation of a potential CO2 sequestration hub in Texas.
This agreement will provide Oxy, a subsidiary of Occidental, with the rights to roughly 65,000 acres of pore space for the development of the carbon sequestration hub.
If the preliminary assessment proves successful, the project is expected to be completed by Oxy’s subsidiary 1PointFive and will have the potential to store a minimum of 500 million metric tons of carbon dioxide.
The site is in relative proximity to industrial greenhouse gas (GHG) emitters and is an ideal location for Oxy’s 1PointFive’s strategic vision to build carbon capture and sequestration hub with a potential connection to Direct Air Capture (DAC) facilities.
“We look forward to working with Natural Resource Partners L.P. as we advance our sequestration hubs that will provide industrial emitters with an economic and practical solution to capture and securely store CO2,” said Dr. Doug Conquest, Vice President, Oxy Low Carbon Ventures.
Meanwhile, the US oil giant has also teamed up with another strategic partner and veteran in the realm of carbon removal, Carbon Engineering Ltd., on a different project that is set to be the world’s largest carbon removal plant.
Construction is about to start at the site, located in the Permian basin in the US, and it is expected to remove some 500,000 tons of CO2 every year.
Currently, the facility is estimated to exceed the size of the world’s largest operating DAC plant 120 times.
The groundbreaking ceremony will take place on November 29, 2022, with construction lasting approximately two years, hence, the plant is expected to become operational near the end of 2024.