Occidental Petroleum Corp plans to shift toward a carbon-neutral production mode...
) plans to shift toward a carbon-neutral production model, it chief executive said on Thursday, but new U.S. laws are needed to support technologies designed to fight global warming.
To make this a reality on a large scale, though, legislative change is needed, Occidental CEO Vicki Hollub told nearly 200 investors, government leaders and carbon sequestration companies at an Oil and Gas Climate Initiative investments conference in Chicago. Such a bill could give gives carbon sequestration technology a funding boost similar to what solar, wind and other technologies have already received.Occidental injects 2.6 billion cubic feet per day of CO2 in the Permian Basin of Texas and New Mexico to aid in extraction of crude oil, according to the company’s website. The excess CO2 is recovered and reinjected until it largely becomes trapped underground.
Expanding carbon capture, use and sequestration will ultimately make the company’s global oil output carbon neutral, and not just in shale formations, Hollub said.
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