Oxy Becomes First U.S. Driller To Announce Net-Zero Plan
https://oilprice.com/Latest-Energy-News/World-News/Oxy-Becomes-First-US-Driller-To-Announce-Net-Zero-Plan.html
By Charles Kennedy - Nov 11, 2020, 9:30 AM CST
Occidental Petroleum has become the first U.S. oil company to announce a plan to slash greenhouse gas emissions to net-zero by 2050.
Oxy cited its expertise in enhanced oil recovery, which features carbon dioxide injection into oil wells, as well as experience with carbon capture technology, which, according to the company, position it at the forefront of emission-cutting efforts.
One of the biggest users of carbon dioxide, Occidental said it currently stores some 20 million tons of CO2 underground in the Permian every year. This amount, the company said, offsets the emissions from more than 4 million cars.
Using is expertise in CO2 capturing and use, by 2040, the company will strive to reduce emissions from its own operations to a net-zero and extend this to the use of its products by customers by 2050, chief executive Vicki Hollub said during a conference call yesterday, as quoted by Bloomberg.
Earlier this year, Occidental became the first U.S. company to endorse the World Bank’s Zero Routine Flaring by 2030 initiative, signaling it was part of efforts to reduce carbon dioxide emissions.
Oxy’s plan seems to be particularly impressive for analysts, as it features plans to reduce all emission scopes as classified by regulators and environmentalists.
*Scope 1 emissions refer to those from a company’s own operations.
*Scope 2 emissions come from utilities that supply power to the company, and
*Scope 3 emissions come from consumers using the company’s products.
