Occidental Petroleum plans to ramp up its use of captured carbon dioxide to pump more oil out of the Permian Basin, harnessing the company’s growing network of direct air capture projects.
The company announced the plan Thursday afternoon during a fourth-quarter earnings call. Officials said they plan to bring online about 60 wells, where operators will pump carbon dioxide underground to squeeze more oil out of the earth in a process known as enhanced oil recovery (EOR).
Those wells will add about 4,000 barrels a day of new production — a number that will double by 2025 with the help of EOR and triple by 2026 to about 12,000 barrels a day, said Richard Jackson, president of U.S. onshore resources and carbon management operations with Occidental.
Occidental President and CEO Vicki Hollub said enhanced oil recovery will be a key part of the company’s future oil and gas development.
