Western Petroleum Corporation (Oxy) joins DNOC to develop Texas Direct Air Capture Hub
It has recently been revealed that Occidenner Petroleum Corporation (NYSE: Oxy) has formed an agreement with water adnoc for the development of a direct air capture installation in southern Texas. Let us shed light on this development.
Western Petroleum Corporation (NYSE: Oxy) is one of the largest oil and gas producers in the United States, including a leading producer in permien and DJ basins and the Mexico Offshore Gulf.
It has recently been announced that OcCidental Petroleum Corporation (NYSE: Oxy) and its subsidiary, 1POINTFIVE, concluded an agreement with XRG, the Investment Company of Abu Dhabi National Oil Company, to assess a potential JV to develop a direct air capture (DAC) installation in southern Texas. As part of the joint venture, DNOC will plan to invest up to $ 500 million for the development of the installation, designed to capture 500,000 tonnes of carbon dioxide per year. The two energy giants have discussed collaboration opportunities on projects to capture, use and storage carbon in the United States and to water since the signing of a memorandum of understanding in 2023.
The DAC strategic framework agreement was signed during President Trump’s recent visit to the United Arab Emirates, when the Gulf Nation announced its intention to increase its energy investments in the United States to $ 440 billion over the next decade.
Vicki Hollub, President and CEO of Western Petroleum Corporation (NYSE: Oxy), said:
“We are proud to advance our partnership by several decades with DNOC and XRG on our South Texas DAC HUB, which, in our view, will offer revolutionary technology to support American energy independence and global objectives. Agreements like this, as well as American support, demonstrate continuous confidence in the DAC as an investable technology which can create jobs and economic value in the United States and Texas. ”
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