iMetal

A proposed joint project between Occidental Petroleum (Oxy) and Enterprise Products is the latest sign that US energy companies are increasingly eager to monetize CO2 storage.
This week, the US oil and gas company and pipeline operator announced a tentative agreement to begin exploring a CO2 transportation and storage network for industrial sources of emissions along the Texas coast.
Locations for the proposed CO2 capturing included the Houston area along with neighboring cities Beaumont and Port Arthur, both of which form part of the US Gulf Coast petrochemical complex.
The carbon capture and storage (CCS) scheme being discussed would combine the two companies' assets; however, a target capacity for CO2 storage was not mentioned in the joint announcement.
Houston-based Oxy produced more than 1.1 million BOE/D in 2021 and is the top acreage holder in the prolific Permian Basin. The oil company said the CO2 storage hubs it is developing along the US Gulf Coast would be involved in the proposed project.
“The hubs will provide access to high-quality pore space and efficient transportation infrastructure, bringing more options to emitters looking to explore more viable carbon management strategies,” read the announcement.