Hello to all tech enthusiasts! Today, we’re diving into the captivating world of oil and gas and their bullish stance on carbon capture technologies.

Two years back, Occidental Petroleum made a notable move by acquiring Carbon Engineering, a carbon capture startup. Many celebrated this partnership, seeing it as a victory for both climate tech innovators and traditional fossil fuel companies.

However, it has now become clear why Occidental invested heavily in this technology: there’s a desire to enhance oil production.

While earlier statements from the company suggested they aimed to reduce their carbon footprint, recent comments from CEO Vicki Hollub revealed a shift in focus. The company plans to inject CO2 into oil wells to extract more oil, likening this practice to fracking.

Although the process of capturing CO2 from the atmosphere remains costly, with expenses ranging from $600 to $1,000 per ton, the Inflation Reduction Act offers enticing financial incentives for utilizing captured CO2 in oil recovery.

Hollub’s perspective presents a glimmer of hope for the coal and oil sectors, which are navigating the complexities of climate-related regulations and economic pressures.

Carbon capture has been a part of the oil industry for decades, with techniques evolving over time. Significant advancements have highlighted the dual role these practices might play in bolstering production while also addressing climate change concerns.

As we look forward, the Texas-based initiatives and potential federal incentives might pave the road for carbon capture’s future in enhancing oil recovery while combating climate change.