ExxonMobil Claims Largest Offshore CO2 Storage Lease in the US
ExxonMobil recently secured the largest offshore CO2 storage lease in the U.S. with the Texas General Land Office (GLO). The lease encompasses more than 271,000 acres of offshore land and further demonstrates a commitment by one of Houston’s largest employers to expand its carbon capture and storage (CCS) operations along the Gulf Coast.
ExxonMobil also operates the largest CO2 pipeline network in the country, spanning roughly 1,300 miles across the continental U.S., 70% of which is located in Louisiana, Texas, and Mississippi. ExxonMobil recognizes the essential role the Houston region will play in creating a lower carbon future and sees the potential to capture more than 100 million metrics tons per year of CO2. In the company’s 2024 annual report, ExxonMobil had signed contracts to safely capture and store up to 5 million metric tons per year of CO2—the equivalent of replacing 2 million gas-powered cars with EVs.
This lease represents a significant step forward for ExxonMobil and a crucial advancement for CCS in Texas. Not only will this agreement help reduce emissions and propel lower-carbon solutions forward, but it will also directly benefit the Texas Permanent School Fund, providing valuable funding that can improve education for children across Texas.
Click here to read more about the announcement and to learn more about ExxonMobil’s commitment to a lower-carbon economy.
