Rutil, a startup based in the US, has developed an injection machine that turns CO2 gas into a liquid that can be pumped into an oil tank.
The process is called the thermoseter.
The company has also developed an oil-pumping machine.
It can pump up to 1.5 gallons of liquid a second.
It is also the first machine to use carbon dioxide as an injection fluid.
It has raised $7 million from investors including Draper Fisher Jurvetson.
The project has attracted attention from investors in the UK and Europe, including US technology investment firm Andreessen Horowitz.
The US and UK governments have also expressed interest in Rutil’s technology.
The UK government is currently seeking funding to help finance its ambitious programme to develop a new fuel pump technology.