Exxon Mobil has secured the largest offshore carbon dioxide (CO2) storage lease in the US, with the Texas General Land Office. The over 271,000-acre site complements the onshore CO2 storage portfolio ExxonMobil is developing, and further solidifies the US Gulf Coast as a carbon capture and storage (CCS) leader.
Dan Ammann, president of ExxonMobil low carbon solutions, says: ‘This is a sign of our commitment to CCS. 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.’
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.
