Energy & Science
Occidental Will Sell ‘Net-Zero Oil’ to Korean Refiner
- Oil emissions to be offset by carbon removed from atmosphere
- SK Trading has option of buying 200,000 barrels a year
A sign outside the Occidental Petroleum Corp. headquarters in Carlsbad, New Mexico.
Photographer: Callaghan O'Hare/BloombergThis article is for subscribers only.
Occidental Petroleum Corp. plans to sell what it calls “net-zero oil” to the trading division of South Korea’s biggest refiner once a new facility that captures carbon dioxide is up and running in late 2024.
The idea of carbon-free fossil fuels has been a point of contention for the energy sector, since even if explorers cut emissions from their own operations and suppliers, oil still releases greenhouse gases once it’s burned by end-users -- so-called scope three emissions. Houston-based Occidental has said it’s found a way to potentially solve that issue.