Occidental, Chevron Invest in Carbon Capture Technology

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Occidental Petroleum and Chevron are investing in a technology that’s billed as capable of removing carbon directly from the air. Carbon Engineering (CE), a Canadian clean tech company based in British Colombia, said the infusion from Oxy Low Carbon Ventures and Chevron Technology Ventures will accelerate its proven direct air capture (DAC) technology. “CE’s relationships with Occidental and Chevron, and these new investments, will allow us to accelerate the deployment” of the DAC technology, said CE’s CEO Steve Oldham. The deal is the first significant collaboration between a DAC developer and the energy industry, according to a statement from CE. “This capability complements Occidental's enhanced oil recovery business and provides further synergies by enabling large-scale CO2 utilization and sequestration," said Richard Jackson, Oxy’s senior vice president for operations support. Climate policies in places like California and British Columbia are creating markets for low-carbon fuels and technologies like DAC, Oldham said.

Carbon Capture (CCS)
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