US oil giant Occidental buys Canadian CO2 capture company for US$1.1 billion
Days after receiving billions in ‘Bidenomics’ grants for direct air capture of carbon dioxide, a US oil giant has bought the Canadian company responsible for developing the technology. -based Occidental Petroleum said Tuesday it will pay US$1.1 billion for Vancouver-based Carbon Engineering to develop large-scale direct carbon capture in the US. Shaun Polczer is the Business Reporter for the Western Standard, based in Calgary. Formerly, a business reporter for the Calgary Herald, he has also held senior positions at the Daily Oil Bulletin, and the London Petroleum Economist.
Related Knowledge Center: Carbon capture
The federal government is investing heavily in the development of carbon capture and storage (or sequestration), which offers the enticing prospect of preventing carbon dioxide emissions produced during combustion from entering the atmosphere and contributing to climate change. But the technologies involved, while proven, remain expensive, an obstacle to widespread adoption.