![Direct Air Capture project agreement](/sites/default/files/styles/hart_news_article_image_640/public/image/2023/10/vicki-hollub-president-and-ceo-occidental-and-musabbeh-al-kaabi-executive-director-low-carbon.jpg?itok=4xkKzQJ1)
Vicki Hollub, President and CEO, Occidental and Musabbeh Al Kaabi, Executive Director for Low Carbon Solutions and International Growth, ADNOC. (Source ADNOC)
ADNOC and Occidental have agreed to jointly conduct a preliminary engineering study for what could become the UAE’s first megaton-scale direct air capture (DAC) facility.
The study, announced Oct. 3, will assess the feasibility of utilizing the same CO2 extraction technology used at Occidental subsidiary 1PointFive’s plant under construction in Ector County, Texas. If the 1-mtpa UAE facility is approved, CO2 extracted at the facility will be connected to ADNOC’s CO2 infrastructure for injection and permanent storage into saline reservoirs, according to a news release.
“This joint investment in the proposed first megaton direct air capture facility in the region exemplifies ADNOC’s commitment to leverage partnerships and promising technology to accelerate our decarbonization journey on the way to net zero by 2045,” Musabbeh Al Kaabi, ADNOC’s executive director for low carbon solutions and international growth, said in the release.
The speed at which both teams have developed a feasible plan for the DAC plant in Abu Dhabi emphasizes the urgency to deliver global scale climate solutions, Vicki Hollub, president and CEO of Occidental, said in the release.
“We will continue to leverage our carbon management expertise to deliver value and accelerate our ability to achieve our net-zero targets and help others meet theirs,” Hollub said.
1PointFive’s Stratos facility in Texas is designed to include DAC technology developed by Carbon Engineering. The facility, which is expected to capture up to 500,000 tonnes of CO2 per year when fully operational, is scheduled to start commercial operations in mid-2025.
RELATED
Occidental Petroleum to Acquire Carbon Engineering for $1.1B
Occidental, Battelle-led DAC Projects Land Up To $1.2 Billion in Funding From US
Recommended Reading
EON Deal Adds Permian Interests, Restructures Balance Sheet
2025-02-11 - EON Resources Inc. will acquire Permian overriding royalty interests in a cash-and-equity deal with Pogo Royalty LLC, which has agreed to reduce certain liabilities and obligations owed to it by EON.
Plains All American Prices First M&A Bond of Year
2025-01-13 - U.S. integrated midstream infrastructure company Plains All American Pipeline on Jan. 13 priced a $1 billion investment-grade bond offering, the year's first to finance an acquisition.
Venture Global LNG Files Paperwork for IPO
2024-12-20 - Venture Global LNG filed initial paperwork for an IPO on Dec. 20, about a week after the company’s Plaquemines LNG facility started production.
Berry Closes Debt Refinancing to Uphold Growth Commitments
2024-12-26 - Berry Corp. closed a debt refinancing agreement to continue its corporate strategy of promoting scale and diversification.
Dividends Declared Week of Jan. 13
2025-01-17 - With 2024 year-end earnings season underway, here is a compilation of dividends declared from select upstream, midstream and downstream companies.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.