That's basically carbon cap and trade. One of the problems is how do you ensure that the oil well remains blocked off forever?
The risk of fraud is pretty high, especially when you consider that the involved parties are these huge practically untouchable corporations.
If you have $100M worth of carbon captured from the air stored somewhere under the ground, how do you make sure nobody takes advantage of this vast supply of energy?
You will have to deal with this problem either way, going straight to the Saudi Arabian oil operator just skips the middleman.
