The leading Oil and Gas Company, Occidental Petroleum, is all set to transform into a carbon management company, according to the company’s CEO Vicki Hollub. In a recent interview, the chief executive said that she is focused on helping the company transform with changing times.
The oil and gas sector is one of the greatest contributors to the world’s global warming. And removing carbon dioxide from the air is very crucial for reducing the worst impact of global warming. To make this happen, Vicki Hollub, CEO of Occidental Petroleum, is intent on transforming her oil and gas company into a carbon management company. She says that the company is going to work on a direct air capture facility that will suck carbon dioxide out of the atmosphere in the Permian Basin.
Capturing carbon dioxide is, although not something new for the oil and gas company. It has been capturing carbon dioxide from its oil and gas operations for 40 years to help recover more oil from its reservoirs. But Hollub wants to do more. She has invested an undisclosed amount in developing the direct air capture facility that can remove a million metric tons of carbon dioxide from the atmosphere per year.
“The barriers right now are those who are so doubtful of the process and the benefits it’s going to provide,” said Hollub to Journal of Petroleum Technology. “Some talk about the cost being too high, but just like solar and wind, the more we build, the more the cost will come down.”