HOUSTON, Oct. 31, 2022 (GLOBE NEWSWIRE) — Occidental OXY and its subsidiary 1PointFive and King Ranch, a privately held agricultural production and resource management company, today announced a lease agreement to support large-scale dedicated carbon dioxide (CO) Direct Air Capture (DAC) projects2) Sequestration on 106,000 acres in Kleberg County, Texas. The agreement provides access to land for the potential to remove up to 30 million tonnes of CO2 per year through DAC and pore space estimated to store up to 3 billion tons of CO2 in geological reservoirs.
The agreement will advance 1PointFive’s development plans for commercial-scale DAC plants as a decarbonization solution to accelerate a net-zero economy. In addition to capturing DAC emissions, the King Ranch acreage is also in close proximity to industrial emitters in the Gulf Coast region, including Corpus Christi, where pore space emissions can be captured, transported and sequestered. It is expected that each DAC plant at the site will be able to remove up to 1 million tonnes of CO2 per year, giving a total capacity of up to 30 million tons per year when all plants are operational.
“We are excited to partner with King Ranch on the world’s largest DAC deployment project as we continue our plans to provide affordable and practical industrial-scale decarbonization solutions,” said Vicki Hollub, President and CEO of Occidental. “We believe that large-scale DAC, an innovative technical CO2 distance solution, will play an important role in helping organizations and nations reduce their net CO2 – Provide the emissions and scale needed to make a difference in the global fight against climate change.”
“King Ranch has been focused on conservation for more than a century. Although these carbon capture methods are relatively new, they align with our vision and values Resources,”…
