ExxonMobil Secures Largest Offshore Carbon Storage Lease in US Waters
Sustainability Economics
E2E AUTOMATION AND LIFECYCLE MANAGEMENT OF NET-ZERO TRANSITIONS
ExxonMobil has announced what it describes as the largest offshore carbon storage lease in the United States, covering 271,000 acres in Texas waters east of Galveston Bay.??
The agreement with the Texas General Land Office enhances the company’s extensive carbon capture and storage (CCS) network along the Gulf Coast.?
Dan Ammann, president of ExxonMobil Low Carbon Solutions, emphasized that this significant infrastructure milestone underscores the company’s ongoing commitment to advancing CCS technology.?
Under the new agreement, ExxonMobil and the Texas General Land Office will tackle carbon emissions and provide financial support to Texas’s public school system.??
The Texas General Land Office oversees surface and mineral rights in state waters and public lands, with commissions from resource exploitation allocated to the Texas Permanent School Fund, which finances public education in the state.?