(Source: Shutterstock.com)
Oil and gas companies Occidental Petroleum Corp. (Oxy) and Diamondback Energy Inc. are separately collaborating with clean power technology companies to power their operations.
Occidental subsidiary Oxy Low Carbon Ventures and fusion energy developer TAE Technologies signed a memorandum of understanding to explore opportunities to supply fusion energy power and heat to Oxy’s direct air capture (DAC) facilities, according to the companies’ June 11 press release.
And in the Permian Basin, Diamondback signed a letter of intent (LOI) last month with Oklo Inc., a fast fission clean power technology and nuclear fuel recycling company, for a 20-year long-term power purchase agreement (PPA), the companies announced in April.
Oklo will license, build and operate powerhouses capable of generating 50 megawatts of electric power to Diamondback’s wholly-owned subsidiary Diamondback E&P LLC for up to 40 years. The LOI allows the option to extend the PPA for another 20 years.
TAE’s fusion energy combines the light nuclei of elements, like hydrogen, to produce steam, spinning a turbine to generate energy. It is emissions-free, continuous and on demand, according to Oxy and TAE’s announcement.
TAE’s power supply will be used in tandem with other energy sources, including solar and other forms of renewables.
By using cleaner sources of energy to power its operations, Diamondback and Oklo are supporting emissions reduction efforts and national energy security, Oklo’s co-founder and CEO Jacob DeWitte said in the letter of intent’s announcement.
“By developing and providing a low-cost, high-reliability, and emission-free energy source, Oklo is poised to help meet the growing energy requirements of operators like Diamondback,” DeWitte said.
TAE Technologies hopes to demonstrate its power management systems’ reliability, cost savings and safety in a high-utilization commercial setting through the agreement.
“Collaborating with TAE Technologies is an opportunity to build on Occidental’s portfolio of clean power sources that can provide our direct air capture facilities with reliable, emissions-free energy,” said Frank Koller, vice president of power development for Oxy Low Carbon Ventures. “Fusion is a promising technology that advances our efforts to explore sustainable energy sources as we progress with commercializing large-scale direct air capture as a critical climate solution.”
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