Two carbon dioxide sequestration hubs being built by a subsidiary of Houston-based Occidental Petroleum have received a total of $36 million in funding from the U.S. Department of Energy.
The two 1PointFive projects that gained federal funding are the Bluebonnet Sequestration Hub, located in the Houston area’s Chambers County, and the Magnolia Sequestration Hub, located in Allen Parish, Louisiana.
The more than 55,000-acre Bluebonnet site will potentially store about 1.2 billion metric tons of carbon dioxide. The 26,000-acre Magnolia hub will offer about 300 million metric tons of CO2 storage capacity.
“We are using our over 50 years of carbon management expertise and experience developing projects at scale to deliver a proven solution that helps advance industrial decarbonization,” Jeff Alvarez, president of 1PointFive Sequestration, says in a news release.
The 1PointFive hubs are aimed at helping hard-to-decarbonize industries achieve climate goals.
The carbon sequestration process captures carbon dioxide in the air and then stores it. The 1PointFive hubs will inject captured CO2 into underground geological formations.
Fortune Business Insights predicts the value of the global market for carbon capture and sequestration (CCS) will climb from $3.54 billion in 2024 to $14.51 billion by 2032.
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