$Occidental Petroleum (OXY.US)$ Occidental Petroleum ( +1.6...
$Occidental Petroleum(OXY.US$ Occidental Petroleum (
+1.6%) plans to spend $800M - $1B on the world's largest direct air capture project to remove carbon dioxide from the air, CEO Vicki Hollub said in a new investor presentation.
Part of Occidental's energy transition strategy, the investments will include three carbon sequestration hubs that will be online by 2025 and 70 direct air capture facilities by 2035, CEO Vicki Hollub said, according to a Reuters report.
"There's just not going to be enough other alternatives for CO2 offsets... so this is a sure opportunity," Hollub reportedly said.
Construction of the first proposed DAC facility in the Permian Basin is expected to begin in this year's H2, with production starting in 2024.
+1.6%) plans to spend $800M - $1B on the world's largest direct air capture project to remove carbon dioxide from the air, CEO Vicki Hollub said in a new investor presentation.
Part of Occidental's energy transition strategy, the investments will include three carbon sequestration hubs that will be online by 2025 and 70 direct air capture facilities by 2035, CEO Vicki Hollub said, according to a Reuters report.
"There's just not going to be enough other alternatives for CO2 offsets... so this is a sure opportunity," Hollub reportedly said.
Construction of the first proposed DAC facility in the Permian Basin is expected to begin in this year's H2, with production starting in 2024.
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