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The real reason why oil and gas companies are bullish on carbon capture
Occidental CEO Vicki Hollub compared using CO2 in enhanced oil recovery to fracking, the technology that sent U.S. oil and gas production skyrocketing.
The Inflation Reduction Act, though, provides some significant incentives for using captured CO 2 in enhanced oil recovery, up to $130 per metric ton in 2026 if the gas remains permanently stored underground. About a decade ago, NRG Energy took advantage of rising oil prices to build the country’s first carbon capture facility attached to a coal-fired power plant. Called Petra Nova, the small installation was designed to capture about a third of one boiler’s carbon dioxide and use that CO 2 to boost production at a flagging oilfield southwest of Houston.
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