1PointFive Sequestration Hubs Awarded Department of Energy Funding

HOUSTON, Oct. 03, 2024 (GLOBE NEWSWIRE) —1PointFive, a wholly owned subsidiary of Occidental, announced today that its Bluebonnet and Magnolia Sequestration Hubs were awarded a total of $36 million in funding from the U.S. Department of Energy (DOE) under Phase III of the Carbon Storage Assurance Facility Enterprise (CarbonSAFE) Initiative.

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The awards will support the development of 1PointFive’s carbon dioxide (CO2) sequestration hubs that provide a solution to address industrial sources of emissions. This funding marks a significant step towards advancing industrial decarbonization.

1PointFive’s Bluebonnet Sequestration Hub, located in Chambers County, Texas, and Magnolia Sequestration Hub, located in Allen Parish, Louisiana, are well-suited for large-scale geologic CO2 storage and positioned near industrial emissions sources.

By integrating pore space, UIC Class VI sequestration permits, and infrastructure, the hubs are primed to support industries aiming to meet their climate goals.

“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,” said Jeff Alvarez, President of 1PointFive Sequestration. “Working in partnership with the Department of Energy supports our ability to rapidly progress our hubs and realize the potential of CCS to further climate goals.” The collaboration with the DOE is crucial for accelerating the progress of these sequestration hubs.

The funding will help advance 1PointFive’s site characterization activities, permitting, and environmental approvals for construction at each hub. 1PointFive is also focusing on community benefit programs, with an emphasis on education initiatives and building diverse community relationships.

About Occidental

Occidental is an international energy company with assets primarily in the United States, the Middle East, and North Africa. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world.

1PointFive

1PointFive is a Carbon Capture, Utilization, and Sequestration (CCUS) platform that is working to help curb global temperature rise to 1.5°C by 2050 through the deployment of decarbonization solutions, including Carbon Engineering's Direct Air Capture (DAC) and AIR TO FUELS™ technologies alongside geologic sequestration hubs. These efforts aim to deploy scalable solutions to reduce atmospheric CO2 and contribute to climate goals globally.

AIR TO FUELS™ is a registered trademark of Carbon Engineering ULC.