A historic oil field south of Houston, seemingly on its last leg after more than 80 years in service, is making a comeback. A North Texas company has launched a sweeping project to tap potentially huge oil reserves still left in the ground at the famed Hastings field, located between Alvin and Pearland. The project aims to free stranded oil by injecting carbon dioxide into the once-prolific reservoir in a process used since the 1970s in West Texas to coax more crude from aging fields. It is made possible by a new $1 billion pipeline that carries the gas from...