Occidental to Pump more Permian Oil Using Captured CO2
The company will bring online 60 wells that use “enhanced oil recovery,” using carbon dioxide sucked from the air to squeeze more oil out of the ground.
Occidental Petroleum plans to ramp up its use of captured carbon dioxide to pump more oil out of the Permian Basin, harnessing the company’s growing network of direct air capture projects.
The company announced the plan Thursday afternoon during a fourth-quarter earnings call. Officials said they plan to bring online about 60 wells, where operators will pump carbon dioxide underground to squeeze more oil out of the earth in a process known as enhanced oil recovery (EOR).
Those wells will add about 4,000 barrels a day of new production — a number that will double by 2025 with the help of EOR and triple by 2026 to about 12,000 barrels a day, said Richard Jackson, president of U.S. onshore resources and carbon management operations with Occidental.
By pairing carbon capture technology with Oxy’s existing EOR infrastructure, we can take human-made CO2 and inject it into an oil and gas reservoir.
Injecting the same volume of CO2 that is emitted for each barrel of oil produced will enable us to create Net-Zero Oil.
This forward-thinking methodology, only recently made possible through advances in technology, will provide a critical bridge as we transition to a low-carbon economy. During this transition, we are working to replace conventional oil with Net-Zero Oil products that meet IPCC objectives.
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