Exxon Mobil announced on Thursday that it has acquired state leases for over 271,000 acres in Texas state waters, aimed at establishing an offshore carbon dioxide (CO2) capture operation.
This lease, obtained from the Texas General Land Office, follows Exxon's 2021 bid for federal land off the Texas coast for CO2 capture and its successful acquisition of 69 blocks in the shallow waters of the U.S. Gulf of Mexico earlier this year to expand its potential carbon storage capabilities.
The carbon capture process, which involves storing CO2 generated from industrial activities underground, has gained traction among major oil companies, including Chevron, Occidental Petroleum , and TotalEnergies as a means to mitigate emissions and combat climate change.
“With our growing roster of customers ready to deploy CCS (carbon capture and storage), we'll be driving substantial emissions reductions along the Gulf Coast,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions.
