GHG Emissions, Industrial  -  October 11, 2024

ExxonMobil Obtains Offshore Carbon Storage Site

Oil company Exxon Mobil Corporation executed the largest offshore carbon dioxide (CO2) storage lease in the U.S. with the Texas General Land Office (GLO). 

According to ExxonMobil, the over 271,000-acre site complements the onshore CO2 storage portfolio the oil and gas company is developing.

“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, in a statement. “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, which will enhance education for Texas children while reducing emissions and promoting community development in nearby areas.

Offshore acreage provides much-needed storage space for CO2 emissions with the Gulf of Mexico’s vast potential playing a key role in meeting society’s net-zero goals. ExxonMobil operates the largest CO2 pipeline network in the U.S. and says it is well-positioned to leverage its extensive infrastructure and storage space to deliver solutions.

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