Oil & Gas and solar energy
Oct 11th, 19
Occidental Petroleum apparently don't need tax incentives from the recently dead SB 518 bill to see the benefits of solar energy, they are all set to run a solar powered extraction project in the Permian Basin. Adrian Hedden recently published this article about the Indian River Solar facility. It's an interesting concept and I for one am looking forward to seeing how this project plays out.
It's a interesting partnership, renewable energy and traditional Oil & Gas working hand in hand in the Permian Basin. It's just a shame that the Bill failed to pass. The tax credit would have benefited both homes and business's and replaced the previous credit that expired a few years earlier.
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The Indian River Solar facility spans 350 acres in rural Indian River County. It is one of two large-scale, commercial solar facilities in the county. Maureen Kenyon and Jeremiah Wilson, Treasure Coast Newspapers. A major fossil fuel producer is planning to use renewable energy to power oil and gas extraction operations in the Permian Basin.
Houston-based Occidental Petroleum announced on Oct. 3 the start of its first solar power facility to be used to directly power oil drilling in the region. The Goldsmith Field solar facility was planned to be built by Occidental in Ector County, near Odessa, Texas on 120 acres.
It features 174,000 photovoltaic panels, with a total capacity of 16 megawatts to power operations at the Goldsmith Field, an oil and gas reservoir located in the central Permian Basin. The panels were built by Arizona-based First Solar.
Occidental Chief Executive Officer Vicki Hollub said the move was part of the company’s agenda to cut carbon emissions and embrace renewable energy in its operations.
"Occidental is taking an important step toward realizing our aspiration to become carbon neutral through the use of emissions-free solar electricity," she said.
"Using solar energy in our operations is another way Oxy Low Carbon Ventures is enhancing the profitability and sustainability of our business while meeting the challenge of reducing atmospheric greenhouse gases."
The 12-year agreement was between OLCV, infrastructure investment and management firm Macquarie’s Green Investment Group and solar plant developer Core Solar LLC. Core Solar’s solar energy facility in West Texas was expected to go in to service in 2021. The shift to use of solar comes with Occidental’s recent acquisition of Anadarko Petroleum after a bidding war with Chevron Energy, making Occidental one of the Permian’s largest producers.
OLCV President Richard Jackson said the efforts were expected to cut more than 160,000 tons of carbon dioxide emissions from Occidental’s operations each year.
"As the top producer in the Permian, we are focusing many of our low-carbon investments and projects in the region with the goal of becoming the leader in producing lower-carbon energy," Jackson said.