DENVER, Aug 23 (Reuters) - U.S. oil producer Occidental Petroleum Corp will begin construction on its first carbon capture project this fall, an official told an industry group on Tuesday, a key part of its effort to build a business from greenhouse gas reduction.
Tom Janiszewski, vice president of regulatory and land for Occidental, told the Colorado Oil and Gas Association’s annual summit that the West Texas facility would begin operations by 2024.
Occidental’s Low Carbon Ventures LLC arm formed 1PointFive with venture capital firm Rusheen Capital Management to license, finance and deploy direct air capture (DAC) technology, a method of extracting carbon dioxide from the atmosphere.
The precise location for the West Texas facility has not been identified, but Occidental has applied for tax credits for a project in Ector County. The business also is evaluating a site in Livingston Parish, Louisiana, for a separate DAC operation. (Reporting by Liz Hampton in Denver; editing by Richard Pullin)
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