With one innovative carbon sequestration project underway in the Permian Basin, Occidental Petroleum Corp. is laying the groundwork to add more carbon fighting measures in South Texas.
Oxy, as it is known, and subsidiary 1PointFive in August officially launched construction of their first large-scale direct air capture (DAC) plant, which is set to begin sucking up carbon dioxide (CO2) from West Texas oil and gas developments by late 2024.
Now the Houston independent has clinched another agreement with the historic King Ranch in South Texas to expand its opportunities. The privately held ranch, which runs across nearly 825,000 acres in South Texas alone, agreed to lease Oxy 106,000 acres in Kleberg County to support “large-scale” DAC projects.
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