Oxy Low Carbon Ventures, LLC (OLCV), a subsidiary of Occidental, capitalizes on Occidental’s enhanced oil recovery (EOR) leadership by developing carbon capture, utilization and storage (CCUS) projects that source anthropogenic carbon dioxide (CO2) and promotes innovative technologies that drive cost efficiencies and economically grows Occidental’s business while reducing emissions.
Fast Facts: Oxy Low Carbon Ventures, LLC
OLCV is developing and commercializing new products and technologies using captured carbon dioxide to:
Leverage and grow Occidental’s CO2-EOR infrastructure and expertise for economic and social benefit
Partner with existing CO2 emitting industrial sources to economically capture CO2 with commercially available technology for Occidental’s EOR use
Lead and support the development of innovative new carbon capture technologies to drive cost efficiency
Develop and commercialize synergistic new products and technologies using captured CO2
Economically lower Occidental’s carbon footprint from its operations by utilizing renewable power sources
Recent OLCV announcements
Carbon Engineering investments
Announced equity investment in Carbon Engineering Ltd. (CE), a Canadian clean energy company, to accelerate the commercialization of CE's proven Direct Air Capture (DAC) technology that removes existing atmospheric CO2 that can be utilized in both oil production and in direct synthesis of transportation fuels.
Announced they are jointly proceeding with the engineering and design of the world’s largest Direct Air Capture (DAC) and sequestration facility. The companies are evaluating a facility designed to capture 500 kilotonnes of carbon dioxide (CO2) directly from the atmosphere each year, which would be used in Occidental’s enhanced oil recovery (EOR) operations and subsequently stored underground permanently. The plant would be located in the Permian Basin.
Cemvita Factory investment
Announced investment agreement to advance Cemvita Factory's development of new bio-engineered pathways that sustainably produce intermediate chemicals and polymers. Cemvita Factory's bio-manufacturing platform mitigates emissions and is able to turn polymer production into a low-carbon activity by utilizing CO2 as a feedstock, a crucial step in building a circular carbon economy.
NET Power investment
Announced investment, subject to regulatory approval, in NET Power, LLC, the developer of a low-cost, natural gas power system that generates zero atmospheric emissions and includes full carbon dioxide capture. The low-cost CO2 byproduct is ready for use in CO2-EOR, sweetening of sour gas, or for other industrial processes.
White Energy CCUS project
Announced agreement to work with White Energy to evaluate the economic feasibility of a carbon capture, utilization and storage project. The project would capture carbon dioxide at White Energy’s ethanol facilities in Hereford and Plainview, Texas, and transport it to the Permian Basin, where Occidental would use it in its EOR operations.