ExxonMobil has executed the largest offshore carbon dioxide (CO2) storage lease in the United States with the Texas General Land Office. The site spans over 271,000 acres, significantly expanding the company's CO2 storage capabilities.
This acquisition complements ExxonMobil's existing onshore CO2 storage portfolio, solidifying the U.S. Gulf Coast's role as a leader in carbon capture and storage (CCS). The company aims to leverage this capacity to drive substantial emissions reductions for industrial customers.
The terms of the agreement are structured to directly benefit the Texas Permanent School Fund, enhancing education while promoting emissions reduction and community development. This strategic move reinforces ExxonMobil's commitment to its Low Carbon Solutions business and its long-term growth objectives.
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