Occidental Petroleum Corp. and Enterprise Products Partners LP are throwing their hats into the ring for a carbon dioxide (CO2) transportation and sequestration hub that would serve oil and gas operators in the Greater Houston area.

Oxy, as it is better known, said Oxy Low Carbon Ventures LLC (OLCV) signed a letter of intent with Enterprise Products Operating LLC for the hub. If it were to proceed, the hub initially would provide services to “emitters in the industrial corridors from the Greater Houston to Beaumont/Port Arthur areas,” the companies said.

The Houston-based companies said the project would “combine Enterprise’s leadership position in the midstream energy sector with OLCV’s extensive experience in subsurface characterization and CO2...