Occidental and ADNOC to commence preliminary engineering study of a Direct Air Capture facility in the UAE
03 Outubro 2023 - 2:30AM
Occidental (NYSE: OXY) today announced that its subsidiary
1PointFive and ADNOC signed an agreement to commence a jointly
funded preliminary engineering study for a 1 million tonne-per-year
Direct Air Capture (DAC) facility in the United Arab Emirates. The
Joint Study Agreement for the DAC facility, signed at the ADIPEC
conference in Abu Dhabi, is the first project announced since the
companies signed a memorandum of understanding on August 1, 2023,
to jointly explore carbon capture, utilization and storage projects
in the United States and the UAE.
The study will assess the feasibility of building the first
megaton-scale DAC facility outside the United States, using the
same carbon dioxide (CO2) extraction technology to be deployed in
the plant 1PointFive is constructing in Ector County, Texas. The
Texas facility, named Stratos, is designed to include DAC
technology developed by Canada-based Carbon Engineering and is
expected to capture up to 500,000 tonnes of CO2 from the atmosphere
each year when fully operational.
1PointFive is marketing carbon dioxide removal (CDR) credits to
assist hard-to-abate industries and other companies achieve their
net-zero targets. 1PointFive announced a 10-year, 250,000 tonne-CDR
credit agreement with Amazon in September and a three-year, 30,000
tonne-CDR credit agreement with All Nippon Airways in August. Both
agreements call for sequestering DAC-captured CO2 in saline
reservoirs not used for oil and gas production.
If the UAE project is approved, CO2 extracted at the DAC
facility is expected to be connected to ADNOC’s CO2 infrastructure
in Abu Dhabi for injection and permanent storage into saline
reservoirs not used for oil and gas production. ADNOC is in the
testing phase of the world’s first fully sequestered CO2 injection
well in a carbonate saline aquifer in Abu Dhabi.
“This agreement demonstrates how Oxy and ADNOC are committed to
advancing direct air capture technology in the UAE and underscores
the necessary urgency needed to deliver global-scale climate
solutions,” said Vicki Hollub, Occidental President and CEO. “We
will continue leveraging our carbon management expertise to deliver
value, engage committed partners and accelerate our ability to
achieve our net-zero targets and help others meet theirs.”
Musabbeh Al Kaabi, Executive Director for Low Carbon Solutions
and International Growth at ADNOC said: “Today’s announcement
represents continued positive momentum in our partnership with
Occidental to significantly scale up promising carbon management
technologies. This joint investment in the proposed first megaton
direct air capture facility in the region exemplifies ADNOC’s
commitment to leverage partnerships and promising technology to
accelerate our decarbonization journey on the way to net zero by
2045.”
In addition to the preliminary engineering study for a
megaton-scale DAC in the UAE, the terms of the memorandum of
understanding include:
- ADNOC may evaluate
participation in DAC facilities and CO2 sequestration hubs under
development in the United States by 1PointFive;
- Occidental and ADNOC
may also evaluate jointly developing one or more UAE-located CO2
sequestration hubs; and
- The companies will
also consider opportunities to incorporate innovative CO2-based
technologies into the UAE, including technologies in which
Occidental has made investments, such as emissions-free power and
sustainable fuels.
The MOU was enabled by the UAE-U.S. Partnership for Accelerating
Clean Energy (PACE), which was launched in November 2022 and is
expected to mobilize $100 billion in clean energy and carbon
management projects, including CCS and DAC by 2035.
About Occidental
Occidental is an international energy company with assets
primarily in the United States, the Middle East and North Africa.
We are one of the largest oil and gas producers in the U.S.,
including a leading producer in the Permian and DJ basins, and
offshore Gulf of Mexico. Our midstream and marketing segment
provides flow assurance and maximizes the value of our oil and gas.
Our chemical subsidiary OxyChem manufactures the building blocks
for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary
is advancing leading-edge technologies and business solutions that
economically grow our business while reducing emissions. We are
committed to using our global leadership in carbon management to
advance a lower-carbon world. Visit oxy.com for more
information.
About 1PointFive
1PointFive is a Carbon Capture, Utilization and Sequestration
(CCUS) company that is working to help curb global temperature rise
to 1.5°C by 2050 through the deployment of decarbonization
solutions, including Carbon Engineering's Direct Air Capture and
AIR TO FUELS™ solutions alongside geologic sequestration hubs.
Visit 1PointFive.com for more information.
AIR TO FUELS™ is a registered trademark of Carbon Engineering
Ltd.
About ADNOC
ADNOC is a leading diversified energy and
petrochemicals group wholly owned by the Emirate of Abu Dhabi.
ADNOC’s objective is to maximize the value of the Emirate’s vast
hydrocarbon reserves through responsible and sustainable
exploration and production to support the United Arab Emirates’
economic growth and diversification. To find out more, visit:
www.adnoc.ae
Forward Looking Statement
This news release contains “forward-looking statements” within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including those relating
to the agreement’s benefits and related impact on carbon emissions
and Occidental’s and its subsidiaries' deployment and use of DAC
technology, which are based on Occidental’s current expectations,
beliefs, plans, estimates, and forecasts. All statements other than
statements of historical fact are forward-looking statements for
purposes of federal and state securities laws. Words such as
“will,” “may,” “expect,” “would,” “proposed,” “plan,” or similar
expressions that convey the prospective nature of events or
outcomes are generally indicative of forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news release.
Unless legally required, Occidental does not undertake any
obligation to update, modify, or withdraw any forward-looking
statements as a result of new information, future events, or
otherwise.
These statements are not guarantees of future performance as
they involve assumptions that may prove to be incorrect and risks
and uncertainties, including those that are beyond Occidental’s
control. Factors that may cause actual results to differ materially
from forward-looking statements include Occidental’s ability to
access necessary technology, to develop and employ existing or new
technology on a commercial scale, to access capital, to collaborate
with third parties and customers, and to receive approvals from
regulatory bodies, as well as market conditions, geopolitical
events, and scientific developments. Additional factors that may
affect Occidental’s and its subsidiaries' ability to deploy DAC
technology can be found in Occidental’s public disclosure and its
filings with the U.S. Securities and Exchange Commission (SEC),
which may be accessed at Occidental’s website at oxy.com or the
SEC’s website at sec.gov. Information included herein is not
necessarily material to an investor in Occidental’s securities.
Contacts
Media |
|
Investors |
|
|
|
Eric
Moses713-497-2017eric_moses@oxy.com |
|
Neil
Backhouse713-552-8811investors@oxy.com |
Occidental Petroleum (NYSE:OXY)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Occidental Petroleum (NYSE:OXY)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024