3/10/2024 0 Comments Toronto company carbon capture“We’re very committed to (direct air capture) and excited about it because this for us is a win-win-win,” said CEO Vicki Hollub in a recent earnings call. The plant will use new technology to essentially grab existing carbon dioxide out of the air, later using it for enhanced oil recovery in the Permian Basin in West Texas. Occidental has said it will begin construction by 2022 and is currently working to secure funding. The independent oil producer Occidental is betting big, with a proposed direct air capture plant that illustrates how technology can be commercialized when the financial benefits are clear. The biggest demand for captured carbon dioxide is in enhanced oil recovery, a complex and expensive process that injects carbon dioxide to shake loose oil that otherwise couldn’t be produced. Yet turning carbon dioxide into money-making products is still limited. In 2019, the oil-and-gas titan signed a joint development agreement with Global Thermostat to “advance breakthrough technology that can capture and concentrate carbon dioxide emissions from industrial sources, including power plants, and the atmosphere.” That’s a goal big players like ExxonMobil XOM are also looking into. The legislation is designed to push innovation in carbon capture. Plans include six new carbon capture technology projects by the end of 2025. It’s an issue that the 2020 legislation tries to tackle, calling for immediately increasing funding for carbon capture, utilization and storage to more than $1 billion, up from the current $200 million budget. “That is what will push the innovation and really drive costs down.” “How do I incentivize the growth of a carbon utilization scheme so that market forces can take over?” said Ramanan Krishnamoorti, a chemical engineer and chief energy officer at the University of Houston.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |