Occidental Petroleum subsidiary 1PointFive has agreed to lease more than 100,000 acres on the legendary King Ranch in South Texas to support the deployment of as many as 30 direct air capture (DAC) plants. The agreement marks the beginning of what would be an ambitious new chapter in the rollout of Oxy's carbon-removal strategy, which the company recently said could involve the construction of as many as 135 DAC plants by 2035. The lease agreement includes pore space for dedicated CO2 sequestration across some 106,000 acres in Kleberg County, Texas. The pore space has an estimated geologic storage capacity of up to 3 billion tons of CO2, Oxy said in a statement. The site has the potential to remove up to 30 million tons per year of CO2, assuming all 30 DAC plants are built and operate at full capacity.
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