ExxonMobil Secures Largest CO2 Offshore Storage Site in The U.S.
Exxon Mobil Corporation has secured the largest offshore carbon dioxide (CO2) storage lease in the United States, collaborating with the Texas General Land Office (GLO) on a site covering over 271,000 acres. This initiative enhances ExxonMobil’s onshore CO2 storage efforts and reinforces the U.S. Gulf Coast's status as a leader in carbon capture and storage (CCS).
Dan Ammann, president of ExxonMobil Low Carbon Solutions, stated, “This is yet another sign of our commitment to CCS and the strides we’ve been able to make. 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 lease agreement will provide direct benefits to the Texas Permanent School Fund, enhancing education for children in Texas while also contributing to emissions reduction and fostering community development in surrounding areas. Commissioner Buckingham remarked, “As the steward of 13 million acres of energy-rich state land, I am proud to partner with ExxonMobil in utilizing state land for innovative solutions that can help ensure future energy production. Energy independence is vital to ensuring our state and country remain economic leaders around the globe. As a mom, I have long said that educating our children is the most important thing we do, and I am thrilled that the revenue from this lease will go toward benefiting our great state along with our Texas school children.”
The offshore area offers significant storage capacity for CO2 emissions, with the Gulf of Mexico’s vast potential playing a crucial role in achieving society's net-zero objectives. ExxonMobil operates the largest CO2 pipeline network in the United States and is well-equipped to utilize its extensive infrastructure and storage capacity to provide a comprehensive solution.