Occidental Petroleum, one of the largest oil and gas companies in the U.S. may become the biggest beneficiary of Biden’s carbon capture technology grants
up to $1.2 billion to advance the development of two commercial-scale direct air capture facilities in Texas and Louisiana. The projects are “the initial selections from the President’s Bipartisan Infrastructure Law-funded Regional Direct Air Capture Hubs program, which aims to kickstart a nationwide network of large-scale carbon removal sites to address legacy carbon dioxide pollution and complement rapid emissions reductions,” the DOE says.
“We believe this selection validates our readiness, technical maturity and the ability to use Oxy’s expertise in large projects and carbon management to move the technology forward so it can reach its full potential,” Oxy president and CEO Vicki Hollub said. its partner, Carbon Engineering, a DAC innovator company with which it has been collaborating since 2019.
DAC is currently expensive, but Oxy believes it could bring the costs down, Richard Jackson, President, U.S. Onshore Resources and Carbon Management, Operations, at Occidental, has told the “The biggest challenge is scale, building million-ton plants at scale, proving that can be done. The market will be there once these products are proven,” Jackson said.
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