Occidental CEO Vicki Hollub Discusses DAC's Role in Oil Recovery at Davos
Occidental CEO Vicki Hollub highlighted the potential of direct air capture (DAC) technology to significantly enhance oil recovery during a discussion at Davos, suggesting it could yield an additional 50 to 70 billion barrels from existing reservoirs. She emphasized that CO2 injection could nearly double oil extraction from shale, while U.S. Secretary of Energy Chris Wright noted the ongoing reliance on hydrocarbons amid regulatory challenges. The conversation also addressed the shifting funding landscape for oil and gas projects in light of increasing renewable investments.
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Occidental CEO Vicki Hollub emphasized the potential of direct air capture (DAC) technology to enhance oil recovery from existing reservoirs during a discussion at Davos. She explained how large fans can extract carbon dioxide from the air, which can then be utilized to recover an estimated additional 50 to 70 billion barrels of oil.
Hollub noted that the CO2 injection method could nearly double oil extraction from shale reservoirs, achieving a 'net zero' barrel of oil. She projected that U.S. oil production may plateau between 2027 and 2030, highlighting the importance of maximizing current reservoir outputs without new infrastructure, thus reducing emissions.
U.S. Secretary of Energy Chris Wright supported her views, stressing the ongoing reliance on hydrocarbons and the challenges posed by regulatory barriers on energy trade. The discussion also touched on the evolving funding landscape for oil and gas projects amidst increasing investments in renewables, with Hollub indicating a potential shift back to funding these projects.
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