Occidental Petroleum is now candidly emphasizing carbon capture technology as integral to its business model, rather than disguising its intent under the guise of climate action. Despite advocating for climate solutions with its subsidiary 1PointFive and entering into partnerships with major firms like Amazon and Microsoft, the company’s strategy primarily involves enhanced oil recovery, using captured CO2 to extract more fossil fuels. This approach raises concerns about whether it genuinely addresses climate change or merely perpetuates fossil fuel dependency.
We believe the next round of technology that's going to add significant barrels - 50 to 70 billion barrels of reserves - will be production that comes from the use of CO2 in enhanced oil recovery.
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