Exxonmobil Secures Largest Offshore CO2 Storage Lease In U.S.

10/10/2024 9:10:32 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 10. Exxon Mobil Corporation has announced the execution of the largest offshore carbon dioxide (CO2) storage lease in the United States, partnering with the Texas General Land Office (GLO) for a site covering over 271,000 acres, Trend reports.

According to the company, this new lease enhances ExxonMobil's existing onshore CO2 storage portfolio and reinforces the U.S. Gulf Coast's position as a leader in carbon capture and storage (CCS) initiatives.

"This agreement underscores our commitment to CCS and the progress we've achieved in this field," stated Dan Ammann, president of ExxonMobil Low Carbon Solutions. He highlighted that with a growing number of customers ready to implement CCS, ExxonMobil aims to drive significant emissions reductions along the Gulf Coast through a comprehensive approach that includes capture, transportation, and storage capabilities.

The lease agreement will benefit the Texas Permanent School Fund, directing funds toward education initiatives for Texas children while simultaneously promoting emission reductions and community development in surrounding areas.

“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 will ensure future energy production,” said Commissioner Buckingham.“Energy independence is crucial for maintaining our state's and country's economic leadership globally. I am thrilled that the revenue from this lease will support our great state and benefit Texas school children.”

Offshore storage is essential for managing CO2 emissions, with the Gulf of Mexico's vast capacity playing a pivotal role in achieving societal net-zero goals. ExxonMobil, which operates the largest CO2 pipeline network in the U.S., is strategically positioned to leverage its extensive infrastructure to provide a comprehensive end-to-end solution for carbon capture and storage.

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