Occidental Petroleum, Adnoc's XRG to Evaluate Joint Venture for Direct Air Capture Hub Development in South Texas

MT Newswires Live

2025/05/16

Occidental Petroleum (OXY) and its 1PointFive unit said Friday that they have agreed with Adnoc's investment firm XRG to evaluate a potential joint venture for the development of a direct air capture hub in south Texas.

They said that as part of the joint venture, XRG will look into investing up to $500 million to develop the direct air capture facility to capture 500,000 tonnes of carbon dioxide annually.

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