The Indonesian company fears production from aging fields could slip further if EOR projects are not implemented.
Occidental Petroleum is partnering with Canada-based Carbon Engineering to build a new multimillion-dollar direct air capture plant in the Permian Basin.
Carbon Engineering has exceeded its financing target which will enable it to deploy its first commercial operation to remove CO₂ directly from the air.
Occidental Petroleum, the holder of the largest net acreage of drilling rights in the Permian Basin, pins hopes on EOR using captured greenhouse gases.
BHP's equity stake in Canada's Carbon Engineering follows the investment of an undisclosed sum announced in January from Occidental Petroleum and Chevron.
API’s CEO Mike Sommers said this generation is defined as “Generation Energy” because of the unprecedented dual achievement of meeting record world energy demand while driving record CO₂ emissions reductions.
The Chevron and Occidental deal marks the first significant investment by energy groups into the technology developed by Carbon Engineering, a Bill Gates-backed start-up based in Canada.
The field studies project, now in phase 17, seeks to advance geophysical research to explore new methods and technologies for better reservoir performance.
Occidental Petroleum’s Oman subsidiary is among the latest companies that have inked agreements with GlassPoint Solar, a technology company that uses solar energy to create steam to power EOR.