ExxonMobil secures CO2 storage site offshore Texas

AUSTIN, October 11, 2024 – ExxonMobil has signed an agreement with the Texas General Land Office to lease approximately 271,068 offshore acres for carbon sequestration and storage (CSS), both parties announced on Thursday.

Under the terms of the agreement, ExxonMobil will be able to inject carbon dioxide for storage in strata up to two miles below the surface of the Gulf of Mexico in submerged land offshore Chambers, Galveston and Jefferson counties. The financial terms of the deal were not disclosed.

“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,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions.

The newly acquired acreage will complement ExxonMobil’s existing portfolio of onshore carbon dioxide storage sites. The company already owns and operates more than 2,400 kilometres of pipeline to transport carbon dioxide, the largest network in the US. It estimates that its CCS assets have the potential to lower carbon dioxide emissions by more than 100 million tonnes per year.

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