Occidental Petroleum, ADNOC to evaluate carbon management projects

Occidental and ADNOC announced that they will evaluate investment opportunities in Direct Air Capture facilities and carbon dioxide sequestration hubs in the United States and the United Arab Emirates as a pathway toward the development of carbon management platforms to accelerate the net-zero goals of both companies. The strategic collaboration between global energy leaders Occidental and ADNOC demonstrates how the companies can work together on the potential deployment of carbon capture, utilization and sequestration technology at scale in the United States and the Middle East and to help hard-to-abate industries achieve their net-zero targets through the purchase of carbon dioxide removal credits alongside emissions reduction programs. Under the terms of the Memorandum of Understanding, ADNOC may evaluate participation in DAC plants and CO2 sequestration hubs under development in the United States by Occidental subsidiary, 1PointFive. Occidental and ADNOC and may also evaluate jointly developing one or more UAE-located CO2 sequestration hubs and consider commencing feasibility and pre-front-end engineering and design studies for a 1 million tonne-per-year DAC plant, which together would provide emissions reduction solutions for carbon-intensive industrial emitters and other hard-to-abate sectors within the UAE, including aviation and maritime operations.