**ExxonMobil Secures Largest Offshore CO2 Storage Site in the U.S., Enhancing Nation’s Carbon Capture Capabilities**
In a significant move towards reducing greenhouse gas emissions, ExxonMobil has executed the largest offshore carbon dioxide (CO2) storage lease in the U.S., partnering with the Texas General Land Office (GLO). This groundbreaking agreement not only underscores ExxonMobil’s leadership in the carbon capture industry but also exemplifies the company’s commitment to innovative solutions that promote both energy independence and environmental sustainability.
The newly secured 271,000-acre site off the coast of Texas is strategically positioned to complement ExxonMobil’s existing onshore CO2 storage portfolio. This expansive offshore acreage is pivotal in addressing the pressing need for CO2 storage, thereby supporting the nation’s efforts to meet net-zero goals. The Gulf of Mexico, with its vast potential, plays a crucial role in this initiative, as it provides the necessary infrastructure to manage and store carbon emissions effectively.
“This is yet another sign of our commitment to carbon capture and storage (CCS),” 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 have a direct and positive impact on the Texas Permanent School Fund. This revenue influx will enhance education for Texas children, concurrently reducing emissions and promoting community development in nearby areas. Commissioner Buckingham of the Texas General Land Office highlighted the significance of this partnership: “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.”
ExxonMobil’s extensive infrastructure, including the largest CO2 pipeline network in the U.S., positions the company to deliver an end-to-end CCS solution. By harnessing this infrastructure, ExxonMobil can efficiently capture, transport, and store CO2 emissions, thereby driving substantial reductions in greenhouse gas intensity across the Gulf Coast[