UPDATE 1-Occidental, ADNOC partner to explore investment in carbon capture

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(Adds details on deal, background in paragraphs 2-4)

Aug 1 (Reuters) - Occidental Petroleum and Abu Dhabi National Oil Co (ADNOC) said on Tuesday they will evaluate investment opportunities in direct-air capture (DAC) and carbon dioxide sequestration hubs in the United States and United Arab Emirates.

Direct air capture removes carbon dioxide that has already been released into the atmosphere, rather than at the source, such as a smokestack.

The agreement is enabled by the UAE-U.S. Partnership for Accelerating Clean Energy that was launched in November 2022 and is expected to mobilize $100 billion in clean energy and carbon management projects.

Occidental has been increasing its investments to accelerate its net-zero goals and plans to build dozens of DAC plants. Its spending on lower-carbon projects will at least double to $200 million this year, the company said in February. (Reporting by Arshreet Singh; Editing by Savio D'Souza)