Houston-based Occidental Petroleum Corp. has clinched its first agreement to sell up to 200,00 b/d of net-zero emissions oil over five years to South Korea’s SK Trading International, an indication the direct air capture (DAC) project in West Texas may proceed.

eor carbon

Oxy, as it is better known, has begun preliminary work on its massive DAC project in the Permian Basin, which basically would suck carbon dioxide (CO2) from the air. 

The net-zero emissions oil would be achieved by combining with environmental attributes, which would be generated by removing and sequestering the atmospheric CO2 through an enhanced oil recovery (EOR) process.

[Want to visualize Henry Hub, Houston Ship Channel and Chicago Citygate prices? Check out NGI’s daily natural gas price snapshot...