Recent OLCV

Announcements

Oxy Low Carbon Ventures, Rusheen Capital Management create development company 1PointFive to deploy Carbon Engineering’s Direct Air Capture technology

HOUSTON, SANTA MONICA, Calif., and SQUAMISH, British Columbia (August 19, 2020)Oxy Low Carbon Ventures, LLC, a subsidiary of Occidental, and Rusheen Capital Management, a private equity firm, have formed a development company, 1PointFive, to finance and deploy Carbon Engineering’s large-scale Direct Air Capture (DAC) technology. 1PointFive and Carbon Engineering have signed a licensing agreement enabling the commercial development of the world’s largest DAC facility, a first step toward their aspiration to deliver this technology on an industrial scale throughout the United States.

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Study launched for commercial-scale carbon capture and use at U.S. plant

Vancouver/Zurich/Houston/Paris, January 6, 2020 — Svante Inc., LafargeHolcim, Oxy Low Carbon Ventures, LLC (OLCV), a wholly-owned subsidiary of Occidental, and Total today announced a joint study to assess the viability and design of a commercial-scale carbon-capture facility at the Holcim Portland Cement Plant in Florence, Colorado, U.S.

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Advancing Cemvita Factory's innovative low-carbon technology

HOUSTON — August 15, 2019 — Cemvita Factory and Oxy Low Carbon Ventures, LLC (OLCV), a subsidiary of Occidental, today announced that they have reached an investment agreement. OLCV’s investment will advance the development of new bio-engineered pathways that use CO2 as feedstock for sustainable production of intermediate chemicals and polymers.

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Engineering world’s largest Direct Air Capture and sequestration plant

HOUSTON, Texas, and SQUAMISH, British Columbia – May 21, 2019 – Oxy Low Carbon Ventures, LLC (OLCV), a subsidiary of Occidental, and Carbon Engineering Ltd. (CE), a Canadian clean energy company, today announced they are jointly proceeding with the engineering and design of the world’s largest Direct Air Capture (DAC) and sequestration facility. The companies are evaluating a facility designed to capture 500 kilotonnes of carbon dioxide (CO2) directly from the atmosphere each year, which would be used in Occidental’s enhanced oil recovery (EOR) operations and subsequently stored underground permanently. The plant would be located in the Permian Basin.

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Partnership with Carbon Engineering

SQUAMISH, B.C.-- Carbon Engineering Ltd. (CE), a Canadian clean energy company, has received equity investment from two global energy companies: Oxy Low Carbon Ventures, LLC (OLCV), a subsidiary of Occidental Petroleum Corporation; and Chevron Technology Ventures (CTV), the venture capital arm of Chevron Corporation. These investments will accelerate the commercialization of CE’s proven Direct Air Capture (DAC) technology that removes carbon dioxide CO₂ directly from the air.

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Partnership with NET Power

DURHAM, NC and HOUSTON, TX – NET Power, LLC, and Oxy Low Carbon Ventures, LLC (OLCV), a subsidiary of Occidental Petroleum Corporation (NYSE: OXY), today announced they have reached an investment agreement, subject to regulatory approval. The investment will advance the development of NET Power’s low-cost, natural gas electric power system that generates no atmospheric emissions and inherently captures all carbon dioxide (CO₂). Upon receiving regulatory approval, OLCV will join current investors Exelon Generation (NYSE: EXC), McDermott (NYSE: MDR), and 8 Rivers Capital.

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Feasibility Study with White Energy: Capturing CO2 to use in Enhanced Oil Recovery Operations

HOUSTON and PLANO, Texas – June 19, 2018 – Occidental Petroleum Corporation (NYSE:OXY) and White Energy announced today that they have agreed to evaluate the economic feasibility of a carbon capture, utilization and storage project. The project would capture carbon dioxide (CO2) at White Energy’s ethanol facilities in Hereford and Plainview, Texas, and transport it to the Permian Basin, where Occidental would use it in its enhanced oil recovery (EOR) operations. Occidental injects CO2 into oil reservoirs, causing trapped oil to flow more easily and efficiently.

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