Exxon, which added CO2 infrastructure with its acquisition of Denbury in 2023, operates the largest CO2 pipeline network in the U.S. (Source: Shutterstock)
Exxon Mobil has leased what it calls the largest offshore CO2 storage site in the U.S. from the Texas General Land Office (GLO). Terms of the contract weren’t disclosed in an Oct. 10 press release.
The site, covering more than 271,000 acres, complements the onshore CO2 storage portfolio Exxon Mobil is developing, and “further solidifies the U.S. Gulf Coast as a carbon capture and storage (CCS) leader,” the company said.
“This is yet another sign of our commitment to CCS and the strides we’ve been able to make,” said Dan Ammann, president of Exxon’s Low Carbon Solutions. “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.”
Exxon said the terms of the agreement directly benefit the Texas Permanent School Fund.
“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,” said Land Dawn Buckingham. “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.”
Exxon, which added CO2 infrastructure with its acquisition of Denbury in 2023, operates the largest CO2 pipeline network in the U.S. The company said it is “well-positioned to leverage its extensive infrastructure and storage space to deliver an end-to-end solution.”
Recommended Reading
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Oil, Gas and M&A: Banks ‘Hungry’ to Put Capital to Work
2025-01-29 - U.S. energy bankers see capital, generalist investors and even an appetite for IPOs returning to the upstream space.
Riverstone’s Leuschen Plans to IPO Methane-Mitigation-Focused SPAC
2025-01-21 - The SPAC will be Riverstone Holdings co-founder David Leuschen’s eighth, following the Permian Basin’s Centennial Resources, the Anadarko’s Alta Mesa Holdings and the Montney’s Hammerhead Resources.
The Private Equity Puzzle: Rebuilding Portfolios After M&A Craze
2025-01-28 - In the Haynesville, Delaware and Utica, Post Oak Energy Capital is supporting companies determined to make a profitable footprint.
Artificial Lift Firm Flowco Seeks ~$2B Valuation with IPO
2025-01-07 - U.S. artificial lift services provider Flowco Holdings is planning an IPO that could value the company at about $2 billion, according to regulatory filings.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.