EPA approves Occidental Petroleum CO2 storage in the Basin, stock in the spotlight
ODESSA, Texas (KMID/KPEJ) – The stock of Occidental Petroleum (known as OXY) was in the spotlight Monday after securing permits from the U.S. Environmental Protection Agency (EPA) to store carbon dioxide in underground wells 14 miles from the city of Odessa in Ector county.
This includes three wells that will store about 722,000 metric tons of carbon dioxide per year at a depth of about 4,400 feet. According to the EPA, Class VI injection wells store carbon dioxide (CO2) deep underground, either captured from an emissions source or the atmosphere.
In a statement from OXY, the company said 'the wells would store CO2 captured from STRATOS, which is the world's largest Direct Air Capture (DAC) facility in Ector County, Texas. Occidental has expressed intentions to build 100 DAC facilities by 2035.'
In a statement from EPA Regional Administrator Scott Mason, 'Oxy Low Carbon Ventures has demonstrated their ability and intention to operate these wells responsibly while creating jobs and supporting the Texas economy.'
Stay with ABC Big 2 news as we continue to follow the latest on this developing story. For your latest Energy Report, tune in Wednesday night's at 6pm for 'Powering the Permian' with Chris Talley.
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