Expanding Oxy’s Network of Carbon Sequestration Hubs Across the Gulf Coast

Oxy Low Carbon Ventures subsidiary 1PointFive will continue its carbon capture and sequestration hub expansion with the leasing of 27,000 acres of timberland from Manulife Investment Management in Louisiana.

Expanding Oxy’s Network of Carbon Sequestration Hubs Across the Gulf Coast

1PointFive was created in 2020 to commercialize technology company Carbon Engineering’s DAC technology. Pictured is an artist rendering of Carbon Engineering’s DAC technology. (Source: Occidental Petroleum Corp.)

A growing number of oil and gas companies are working to help reduce atmospheric emissions by capturing existing emissions, as well as decrease harmful greenhouse gases emitted during operations, with the goal of maintaining an energy mix that blends traditional and sustainable operating methods.

One such company is 1PointFive, a carbon capture, utilization and sequestration (CCUS) platform of Occidental Petroleum Corp.’s Low Carbon Ventures subsidiary. Named after its commitment to stopping global temperatures from rising above 1.5 C, the Oxy offshoot was created in 2020 to commercialize technology company Carbon Engineering’s direct air capture (DAC) technology.

Through Carbon Engineering’s DAC technology, carbon emissions can be removed from the atmosphere, safely and permanently stored in underground geologic reserves and reused to produce low-carbon fuels, cement or plastic products.

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Madison Ratcliff

Madison Ratcliff is an associate editor for Hart Energy's editorial team.