Exxon Mobil Corporation has executed the largest offshore carbon dioxide (CO2) storage lease in the U.S. with the Texas General Land Office (GLO). The over 271,000-acre site complements the onshore CO2 storage portfolio ExxonMobil is developing, and further solidifies the U.S. Gulf Coast as a carbon capture and storage (CCS) leader, according to a news release.
“This is yet another sign of our commitment to CCS and the strides we’ve been able to make,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions. “With our growing roster of customers ready to deploy CCS, we’ll be driving substantial emissions reductions along the Gulf Coast through a comprehensive solution that includes capture, transportation, and storage—capabilities that make us a clear leader.”
The terms of the agreement will directly benefit the Texas Permanent School Fund. This will enhance education for Texas children, while also reducing emissions and promoting community development in nearby areas, according to the company.
