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Insider Q&A. Occidental wants to become Tesla to capture carbon

NEW YORK (AP) – The release of carbon dioxide from the air is thought to reduce the worst effects of global warming, and the world’s largest commercial effort to do so comes from an incredible source, the Texas Oil Company.

Occidental Petroleum CEO Vicki Hallub plans to turn her oil and gas business into a carbon management company, and next year will break through a direct air intake station that will pump carbon dioxide into the Perm basin, the country’s most efficient oil field. ,

The idea is to help the environment աշխատել make money at the same time. Occidental has been extracting carbon dioxide from its oil and gas operations for 40 years, injecting it underground to help recover more oil from its reservoirs.

But Holloway’s ambitions are greater. Under his leadership, Hollowe has invested undisclosed money in the development of a new air capture facility that could remove one million tons of carbon dioxide from the atmosphere annually. That compares with the thousands of tons a year that the current direct air intake stations remove.

The facility will absorb air and emit carbon dioxide using chemicals. Carbon dioxide can then be stored underground or used by industry. Hollub plans to build many more facilities by selling carbon նա what he calls carbon neutral or carbon negative oil.

“The obstacles now are those who are so skeptical of the benefits of the process that it is going to provide,” Holub said. “Some people say that the costs are too high, but just like the wind, the more we build, the lower the cost.”

Occidental notes that the equivalent of 28.4 million tonnes of carbon dioxide emitted in 2019 using electricity, heat and steam. The company currently stores 20 million tons of carbon dioxide a year underground.

Holub’s ideas are praised by OPEC Secretary General Mohamed Barkindo, senior executives at British Petroleum and Royal Dutch Shell, but he says: “CEOs, I don’t really get face-to-face feedback from them.”

Q: Why was it possible for you to invest in this technology?

A. There is work to be done to do this, և when you find a business case that also does good things for the environment, communities, the world, it is certainly a winning scenario. We believe that capturing direct air does just that.

It creates value for our shareholders by increasing the amount of oil we can extract from our existing reservoirs, reduces costs, and ensures the stability of that oil production over time.

Second, it reduces global carbon dioxide emissions by already reducing carbon dioxide emissions into the atmosphere.

The third is that it is going to produce carbon neutral or negative oil, which is really possible for other industries in the aviation, marine and other industries, which would otherwise have a very difficult time reducing their carbon footprint, so we think that would be really possible. for them.

Fourth, extracting more oil from existing reservoirs means that future future demand can be met with current development, which will ultimately reduce the need for new developments in the coming decades, which we hope will prevent the need for oil production. և Gas in environmentally sensitive areas of the world.

When you put all these things together, it is our vision of the horse that we can not only benefit from the transition process, but transform into a carbon management company.

We actually welcome the transition. We do not move forward for fear of it. We accept it, we try to lead in this field.

H. Do you expect to make more money from carbon management than from oil and gas?

We believe that the carbon management business will probably equal our chemical business (which generated $ 507 million in revenue last year) in about 10-15 years. Fifteen years from now, we expect it to be able to compete and then surpass what our oil and gas operations are doing today.

The way to do this is not only to obtain carbon dioxide from man-made (artificial) atmospheric sources for our own actions, but also to serve others.

We plan to carry out air capture in Permia ոմ Wyoming, Abu Dhabi և Algeria և We believe we can help others by creating direct air capture in their areas.

We believe that over time this will become a very important technology for the oil and gas industry.

H. How many of these would you like to build Occidental?

I actually think it should be in the hundreds, because it really is. It kind of seems to us that Tesla is in the direct air capture industry, because when they first started, people were skeptical about the impact it could have. But Tesla was very successful, they transformed the car industry. Now others are doing what they are doing – if Tesla had not started to be aggressive with it, I do not think the electric vehicle industry would be where it is today. And that’s a very important thing for our planet.

We believe that direct air capture is another way to help the world, as the good news is that you do not need to upgrade your existing industrial site. You can place it anywhere you want. So combining it with oil reservoirs is the best of all worlds. To be able to supply the world with negative carbon oil while being able to meet the world’s oil needs.

We must not kill fossil fuels. We just have to figure out how to reduce fossil fuel emissions, that’s what our engine is all about.

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Edited for simplicity ության length.

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