Warren Buffett appears to have zeroed in on his next acquisition target. The renowned investor has received regulatory approval to acquire up to half the outstanding stock of oil giant Occidental Petroleum (NYSE: OXY). His company, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), has already amassed more than 20% of Occidental's outstanding shares. That's in addition to his $10 billion preferred-stock investment and warrants to buy another $5 billion of the stock. 

Buffett's bold bet on Occidental suggests he believes oil will remain a vital fuel for years to come. One factor likely driving that outlook is the company's investments to make oil more sustainable through its subsidiary, Oxy Low Carbon Ventures (OLCV). Here's a closer look at that business, which might be the key to Buffett's bet on Occidental Petroleum.

Occidental formed OLCV in 2018 to advance leading-edge, low-carbon technologies. It has made several investments for developing and commercializing carbon capture and storage technology, creating new products derived from captured carbon, and reducing the carbon footprint of its legacy oil and gas operations. These include:

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Source Fool.com