ExxonMobil Secures Largest CO2 Offshore Storage Site in US
SPRING, Texas — Exxon Mobil Corporation has executed the largest offshore carbon dioxide storage lease in the United States with the Texas General Land Office.
According to the oil and gas giant, the site, which is over 271,000 acres, “complements” the onshore CO2 storage portfolio that it already has in development, “and further solidifies the U.S. Gulf Coast as a carbon capture and storage leader.”
“This is yet another sign of our commitment to carbon capture and storage and the strides we’ve been able to make,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions, in a written 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,” Ammann said.
The terms of the agreement with the Texas General Land Office, the agency responsible for managing land and mineral rights properties that are owned by the state, are earmarked to directly benefit the Texas Permanent School Fund.
“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,” said Dr. Dawn Buckingham, the Texas General Land Office commissioner, in a statement.
“Energy independence is vital to ensuring our state and country remain economic leaders around the globe,” she continued, adding, “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.”
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 United States.
Dan can be reached at [email protected] and @DanMcCue
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