Occidental Petroleum is to build 135 Direct Air Capture (DAC) facilities – 35 more than originally planned – as a result of the support from the Inflation Reduction Act (IRA), CEO Vicki Hollub told Davos 2023 delegates today.
“The IRA is going to jump start a lot of things – it’s one of the most transformational passages. For us, it enables us to advance the technology faster. We have an advantage over wind and solar in that we’re starting to develop a brand new technology that’s critically important for the world, and we’re going to be able to build a digital twin as we’re building the facility, which will enable us to advance the plant a lot faster than wind or solar could do.”
Occidental and its subsidiary 1PointFive announced last August they had began detailed engineering and early site construction for their first large-scale DAC plant in Ector County, Texas, which will store carbon dioxide (CO2). Upon completion in late 2024, it is expected to capture up to 500,000MT of CO2 per year with the capability to scale up to 1m MT per year.
The plant is expected to provide cost-effective solutions that hard-to-decarbonise industries can use in conjunction with their own emissions reduction programs to help achieve net zero. Captured CO2 can be safely sequestered deep underground in saline formations or used in the production of hydrocarbons to enable lower-carbon or Net Zero transport fuels, and in products like chemicals and building materials.
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