Exxon Mobil Lays Groundwork for Carbon Capture Megaproject at Offshore Auction

Exxon Mobil in April floated an up to $100 billion industry hub to collect emissions from Gulf Coast petrochemical plants and bury them under the Gulf of Mexico.

Sabrina Valle, Reuters

Exxon Mobil Corp. on Nov. 17 offered to lease a half million acres off the Texas coast, securing space for what could become a massive project to capture and store carbon emissions.

Under pressure by investors to address climate change, Exxon Mobil in April floated an up to $100 billion industry hub to collect planet-warming emissions from Gulf Coast petrochemical plants and bury them under the Gulf of Mexico.

The nearly $15 million in bids on Nov. 17 are “potentially the first time federal Gulf of Mexico acreage has been leased for purposes other than the extraction” of oil and gas, said Rystad Energy oil analyst Colin White.

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