This Warren Buffett stock just got a vote of confidence from a major competitor. Is it worth buying?

At first glance, this looks like a press release issued by the PR department when they have nothing better to do with their time.

However.SLB (NYSE: SLB)The acquisition of 80% shares in Viton Carbon Capture is much more than meets the eye. While the $400 million spent on the deal will have only a small impact on the oil and gas services giant's current cash hoard of $7.8 billion, the decision itself is a quiet indication of what will ultimately happen to the energy business. For the same oil and gas companiesOccidental Petroleumfirms(Occidental) Petroleum ) (NYSE: OXY)This is precisely a better illustration of the problem.

But first things first.

What exactly is carbon capture?

If you are not familiar with it, don't worry. Most people probably don't. Carbon capture is a relatively young science.

As the name suggests, carbon capture refers to the extraction of carbon dioxide gas that would otherwise enter the atmosphere and cause global warming. Sometimes the captured carbon dioxide is released into the ground without causing environmental problems. Sometimes it can be used to make chemicals, plastics, or even to increase the production of oil and natural gas wells.

There are many ways to capture carbon dioxide. Some of these methods start at the source of carbon dioxide production, such as filtering carbon dioxide from the stacks of power plants. Others simply remove carbon dioxide from the ambient air. All of these methods work to varying degrees. But, as you might imagine, the technology is not cheap. That's why it's still relatively rare. But the costs are coming down.

One such company is Aker Carbon Capture. The Norwegian company's "Just Catch" system is capable of extracting 95% of carbon dioxide (up to 400,000 tons of carbon dioxide per year) from industrial waste gases before releasing it into the atmosphere.

The company's technology can be monetized in two ways. One is to sell resonance's Just Catch and similar systems directly. The other is to allow resonance companies to extract carbon dioxide from specific facilities and pay a service provider based on the weight of the carbon dioxide they capture. Both business models have market potential, and the market is growing as the world moves toward a zero-carbon future.

Seeing this inevitable trend, Slumberland (you may be more familiar with its name - Slumberland) is now simply positioning itself to capitalize on a key part of the energy industry's future.

Western Oil's Carbon Capture Cake

Fine, but what does this have to do with Occidental Petroleum? Simple, the company is already in the carbon capture business. In fact, back in 2010, the company built what was then the world's largest carbon capture facility, only to shut it down in order to build a larger, more efficient direct-air carbon capture facility in Irondequoit County, Texas. The so-called STRATOS project is capable of capturing up to 500,000 tons of carbon dioxide per year.

This is comparable to the annual capture capacity of one of the largest resonance systems at Arcelor. However, STRATOS is much more active because it can extract CO2 from the air regardless of how and where it enters. This approach still meets the growing legal requirement that companies should be held accountable for their carbon footprints by removing the large amounts of carbon dioxide they ultimately produce.

In this side of the noodle.Amazon,AirbusWestern has already signed on as a future paying customer with a number of professional sports teams. Vicki Hollub, the company's chief executive officer, believes that when all is said and done, Western will have 1,000 carbon capture customers.

Occidental Petroleum's potential as a carbon capture service provider is enhanced by its efforts to find ways to constructively utilize captured CO2 gas. Occidental has been utilizing carbon dioxide to increase production from oil and gas wells since the 1980s. It is also working with biotechnology company Cemvita to find ways to use carbon dioxide as a basis for the production of industrial chemicals and polycarbons.

Two distinct advantages

Occidental Petroleum's advantage in removing CO2 is twofold. First (and most obviously), the technology can be used to make money, either by selling the carbon capture systems directly or by doing the work for companies that wish to delegate such work to a carpetbagger.

As the carbon capture and storage market is still in its infancy, the scale and potential revenues are still somewhat ambiguous. According to Global Market Insights, this business, currently worth $7 billion a year, is projected to grow to around $35 billion a year by 2032. These figures coincide with the outlook of Spherical Insights and Precedence Research. Environmentally conscious regulatory requirements will drive much of this growth.

Another advantage of Occidental Petroleum is not obvious-until it is clearly stated. That is, if the potential environmental harm of fossil fuels can be eliminated, then the use of oil and natural gas can continue for the foreseeable future.

This is not a trivial matter.

It should be realized that despite all the efforts made by people in creating environmentally friendly renewable energy sources, these energy sources still account for only a small portion of the world's total electricity generation. According to a report by the U.S. Energy Information Administration, oil still accounts for one-third of total electricity consumption in the United States, and natural gas accounts for one-third. In addition, Standard & Poor's believes that even by 2050, oil will remain the world's largest single source of energy.

While demand is already high and growing, the world cannot afford to let carbon dioxide from electricity production continue to enter the atmosphere.

Warren Buffett has seen the extent of the problem.

As a result, Warren Buffett's ongoing interest in energy stocks - particularly Occidental Petroleum - has suddenly become more meaningful.

Warren Buffett, in a recentTo Dr. Kitchener.Shareholders' annual letter on BerkshireHathaway We are particularly bullish on its large U.S. oil and gas holdings and its leadership in carbon capture," the company said of its 244 million-share position in Occidental Petroleum. It's a colorful reference from someone who favors the big picture over the small picture. The fact that Warren Buffett singled out Occidental's work on carbon capture noodles shows the importance of this technology - if not now, then in the near future. Adding to Buffett's message is the fact that SLB is currently investing heavily in this area as well.

So, please take note of this. Occidental Petroleum is clearly doing something in this area.

Should you invest $1,000 in Occidental now?

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John Mackey, former chief executive officer of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. james Brumley has no position in any of the stocks mentioned above. the Motley Fool recommends shares of amazon and berkshire Hathaway. the Motley Fool recommends Occidental Petroleum Corporation. the Motley Fool has a disclosure policy. The Motley Fool recommends Occidental Petroleum Corporation.The Motley Fool has a disclosure policy.

This Warren Buffett stock just got a vote of confidence from a major competitor. Buy it? This post was originally published by The Motley Fool.