Occidental Has High Hopes for Direct Air Capture of Carbon Emissions

November 10, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Occidental Petroleum Corporation (NYSE:OXY) (Houston, Texas) has gone into direct air capture (DAC) of carbon dioxide (CO2) in a big way.

DAC involves technologies to extract CO2 directly from the atmosphere, for direct storage or utilization, according to the International Energy Agency (Paris, France).

Occidental, traditionally an oil and gas company and chemicals producer, announced Tuesday it landed a major joint venture partner for its DAC project in West Texas, bringing in a major investment. On Wednesday, Occidental executives outlined the company's DAC development and market strategy.