Occidental Pet (NYSE:OXY)
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1 Month : From Jun 2018 to Jul 2018
Petroleum Corporation (NYSE:OXY) and White
Energy announced today that they have agreed to evaluate the
economic feasibility of a carbon capture, utilization and storage
project. The project would capture carbon dioxide (CO2) at
White Energy’s ethanol facilities in Hereford and Plainview, Texas, and
transport it to the Permian Basin, where Occidental would use it in its
enhanced oil recovery (EOR) operations. Occidental injects CO2 into
oil reservoirs, causing trapped oil to flow more easily and efficiently.
“The collaboration between Occidental and White Energy is a direct
result of the passage of the FUTURE Act,” said Occidental Petroleum
President and CEO Vicki Hollub. “Carbon capture technologies have the
potential to play a critical role in reducing global emissions, and this
project is an important first step in cross-industry collaboration to
make these efforts economic, practicable and scalable.”
“White Energy is committed to the development of clean, renewable fuels.
This project would enable us to capture the CO2 produced at
our plants and redeploy it in an environmentally responsible way,” said
White Energy President and CEO Greg Thompson. “We’re excited about
partnering with a diversified energy company like Occidental Petroleum.
This project has the potential to provide strong environmental and
economic benefits for everyone involved.”
The engineering study, expected to last six months, will examine the
costs of building a carbon capture facility. If Occidental and White
Energy determine the project is economically feasible, operations could
begin as soon as 2021. The carbon capture project would be designed to
be eligible for 45Q tax credits and California’s Low Carbon Fuel
Standard Carbon Capture and Storage protocol, both currently in
development, demonstrating that these important incentives result in
near-term investment, reduced CO2 emissions and jobs.
Occidental is an industry leader in applying CO2 EOR
technology. This technology can increase oil recovery by 10 to 25
percent in the fields where it is employed, while at the same time
permanently sequestering the CO2 in the reservoir. The U.S.
Environmental Protection Agency (EPA) approved Occidental’s two
Monitoring, Reporting and Verification (MRV) plans for CO2
EOR fields in its Permian Basin operations. These plans, which were the
first-ever approved by EPA, demonstrate that the captured CO2
is safely and permanently stored and establish a framework to quantify
the amount of CO2 sequestered.
The FUTURE Act, which became law in February 2018, supports the
conversion of CO2 emissions from industrial sources,
including ethanol and coal- or gas-fired power plants, to a commodity
product that can be stored in a secure geological formation through EOR.
About Occidental Petroleum
Petroleum Corporation is an international oil and gas exploration
and production company with operations in the United States, Middle East
and Latin America. Headquartered in Houston, Occidental is one of the
largest U.S. oil and gas companies, based on equity market
capitalization. Occidental’s midstream and marketing segment gathers,
processes, transports, stores, purchases and markets hydrocarbons and
other commodities. The company’s wholly owned subsidiary OxyChem
manufactures and markets basic chemicals and vinyls. Occidental posts or
provides links to important information on its website at www.oxy.com.
About White Energy
Energy, headquartered in Plano, Texas, is fueling America’s
investment in renewable energy. It is one of the nation’s leading
producers of biofuels, animal feed and food ingredients, with the
capacity to produce approximately 300 million gallons of ethanol per
year. White Energy owns and operates state-of-the-art grain processing
facilities in Texas and Kansas. Learn more at www.white-energy.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180619005792/en/
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