ExxonMobil Corporation has signed the US’s largest offshore carbon dioxide (CO2) storage lease in Texas, strengthening its foothold in the carbon capture and storage (CCS) market.
The oil and gas firm signed the deal with the Texas General Land Office (GLO) for the 271,000-acre site.
Under the terms of the agreement, ExxonMobil will have the right to inject CO2 into geologically secure strata located approximately one to two miles below the surface of the Gulf of Mexico.
Dan Ammann, President of ExxonMobil Low Carbon Solution, said the contract represents the company’s commitment to CCS.
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