4/30/2024 0 Comments Fluid carbon capture company![]() Others, however, are raising alarms about why. Some climate advocates agree that Oxy's doing something extraordinary for the planet. ![]() "And together we, with our partners and supporters, have seized this moment to start the deployment of large-scale direct air capture around the world." "Sometimes history puts you in the right place at the right time with the tools you need to do something extraordinary," Hollub said, in her careful, precise speaking manner. Ultimately, the company plans to build up to 135 of the giant machines.Īs the wind rattled a big white tent at the Stratos groundbreaking back in April, Hollub took the stage. Since then, the company has announced another project, in South Texas, that's getting massive support from the federal government. This spring, Occidental held a groundbreaking celebration for the Stratos plant in West Texas. Sucking carbon from the sky and injecting it underground is key to that vision. Occidental has set a net-zero target that includes the emissions from the oil it sells, a first for a big U.S. Starting as an engineer, she rose through the ranks at Oxy to become its CEO in 2016 - a rare female leader in the mostly all-boys club of the Texas oil fields. Occidental's ambitions are being charted by Hollub, a 63-year-old oil executive with the backing of Warren Buffett and a history of making bold bets. The company intends to use the technology to do what it does best: to extract more oil, thus helping prolong the life of the same fossil fuels that climate experts say need to be wound down.Ī model of the Stratos plant is displayed at the groundbreaking event in West Texas on April 28. And Occidental has the right expertise to scale this technology up and bring costs down, thanks to similarities between direct air capture and oil production.īut there's another reason. The government is putting billions of dollars into this technology. Companies looking to offset their emissions are willing to pay to get carbon removed from the atmosphere and stored underground. It is, in fact, an oil company: Occidental Petroleum, or Oxy for short, an American producer that's placing a bet on this technology. Once it's up and running, the billion-dollar facility will be 100 times bigger than any direct air capture plant ever built - and yet, even if it works perfectly, it will take a year to remove less than 10 minutes' worth of global emissions.Īnd the company behind it is not a university, or a Silicon Valley startup. The Stratos plant - being built in the midst of oil fields - is playing a key role in scaling up the technology, which is not fully proven yet.
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