Carbon capture and storage: US oil company sells first carbon-neutral fuel - Energy

The American company Occidental Petroleum is developing a huge project to produce zero-emission fuel, using carbon capture and storage technologies.

The notion of emissions-neutral fossil fuels is a point of contention in the energy sector, as those excluded from this idea argue that even if the sector’s emissions are reduced from production and supply, they believe that oil still emits greenhouse gases once users burn it.

Occidental Petroleum Corporation (Oxy) said it has found a potential way to solve the problem, as it plans to sell what it calls “emission-neutral oil” to South Korea’s largest refiner, once a new facility that captures carbon dioxide becomes operational in late 2024.

Marketing subsidiary Occidental, in cooperation with SK International, will provide an opportunity to purchase up to 200,000 barrels of emissions-neutral oil annually for a period of 5 years.

Carbon dioxide capture and storage technology can make oil emissions-neutral, like low-carbon jet fuel.

Neutral Emissions الوقود

Occidental, a company specializing in the discovery, development, production and marketing of crude oil and natural gas, aims to combine crude oil with the environmental benefits generated by sequestering atmospheric carbon dioxide captured through a direct air capture plant and sequestered in EOR tanks.

Carbon capture, use and storage
Carbon capture, use and storage – archive

Oxy plans to inject approximately 100,000 tons of carbon dioxide captured from the atmosphere annually, which is equivalent to the expected carbon dioxide emissions from the entire crude oil life cycle, including extraction, transportation, storage, shipping, refining, after-use and combustion.

The US company updated investors on March 23 about its plans to invest up to $1 billion in a direct capture technology facility that is expected to remove up to 1 million tons of carbon dioxide annually from its site in the West Texas Permian Basin. .

The American company said that it expects the construction of the facility to begin during the second half of this year, and it is scheduled to start operating the direct capture plant for carbon dioxide emissions in 2024.

Elimination of emissions

Leaders of two of the largest US oil and gas producers have said that reducing carbon emissions from fossil fuels, rather than actual use of fossil fuels, offers the best way to combat climate change.

This is what most companies are now saying that the world still needs oil and gas, so instead of attacking fossil fuel sources, by helping the industry make technology a more realistic option through a number of possibilities, including: developing carbon capture and storage technologies and regulating carbon markets To sell carbon licenses, develop human capital and government support.

Occidental is currently building the world’s largest carbon capture and storage plant in the Permian Basin, and it is hoped that upon completion the plant is designed to remove and store 1 million metric tons of CO2 per year by 2024.

“We shouldn’t talk about eliminating fossil fuels,” said Occidental President Vicki Hollub. “We should talk about eliminating emissions.”

He added that Occidental’s carbon business, which also includes carbon capture and enhanced oil recovery, is close to operating as a profitable and self-sufficient company.

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