ExxonMobil Secures Largest US Carbon Storage Lease

ExxonMobil has made significant strides in carbon capture and storage (CCS) with the announcement of the largest offshore CO2 storage lease in U.S. history, covering 271,068 acres in the Gulf of Mexico. This lease, granted by the Texas General Land Office, allows ExxonMobil to inject carbon dioxide into secure geological formations beneath the seabed, contributing to the company's goal of removing 6.7 million tons of CO2 annually from major emitters along the Gulf Coast. The deal is expected to generate substantial revenue for the Texas Permanent School Fund, benefiting public education in the state. Additionally, ExxonMobil has entered an agreement with the New Generation Gas Gathering project in Louisiana to enhance its CCS capabilities. Dan Ammann, president of ExxonMobil's Low Carbon Solutions, emphasized the company's leadership in CCS technology and its commitment to reducing emissions. This landmark agreement positions ExxonMobil at the forefront of efforts to address climate change through innovative energy solutions.