ssuaphoto/iStock via Getty Images
Occidental Petroleum (NYSE:OXY) unveiled plans Thursday to develop a new carbon capture and sequestration hub along the Texas Gulf Coast in an effort to remove emissions from the biggest U.S. concentration of refineries and chemical plants.
The Bluebonnet Hub would span more than 55K acres in the Texas counties of Chambers, Liberty and Jefferson, where it would store as much as 1.2B metric tons of carbon dioxide, Occidental’s (OXY) 1PointFive unit said.
It is one of five such hubs Occidental (OXY) is planning in industrial areas of Texas and Louisiana.
Occidental (OXY) said a subsurface assessment and a test well at the site showed its ability to safely store carbon in salt formations, and it expects to apply for two Class VI permits in 2023, hoping the plant will become operational by 2026.
The company also said it is working with Enterprise Products Partners (EPD) to further the development of a CO2 pipeline network to gather CO2 from regional emitters and deliver to 1PointFive’s hub.
Earlier this week, Occidental (OXY) cited supply chain challenges in delaying its first direct air capture plant by several months to mid-2025.
