Exxon Mobil Corporation has announced that they have been able to execute the largest offshore carbon dioxide storage lease within the U.S. They have done this with the Texas General Land Office (GLO).

The specific site is more than 271,000 acres and it aligns with the onshore CO2 storage portfolio which ExxonMobil is currently developing. Furthermore, the site highlights the U.S. Gulf Coast as a leader when it comes to carbon capture and storage (CCS).

ExxonMobil is well-known as one of the largest publicly traded international energy and petrochemical companies and they are especially well-known for their skills in creating solutions which improve quality of life, whilst also meeting society’s evolving needs.

It has been established that the agreement which has been created, will directly benefit the Texas Permanent School Fund, which will result in an enhanced education for children in Texas. On top of this, the agreement will also create opportunities to reduce emissions and it will also promote community development within the nearby areas.

Furthermore, an added benefit of the location of this project, is that the offshore acreage provides the necessary storage space for any carbon dioxide emissions. The Gulf of Mexico has a large role to play when it comes to storing carbon dioxide emissions, as it is this area that holds a lot of potential for helping society to meet their net-zero goals.

Currently, ExxonMobil operates the largest CO2 pipeline network within the U.S. and it is also well-positioned to use its extensive infrastructure and storage space when it comes to delivering end-to-end solutions.

President of ExxonMobil Low Carbon Solutions, Dan Ammann, commented, “This is yet another sign of our commitment to CCS and the strides we’ve been able to make. With our growing roster of customers ready to deploy CCS, we’ll be driving substantial emissions reductions along the Gulf Coast through a comprehensive solution that includes capture, transportation, and storage—capabilities that make us a clear leader.”

Commissioner Buckingham, stated, “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 can help ensure future energy production. Energy independence is vital to ensuring our state and country remain economic leaders around the globe. As a mom, I have long said that educating our children is the most important thing we do, and I am thrilled that the revenue from this lease will go toward benefiting our great state along with our Texas school children.”