ExxonMobil Secures Largest CO2 Offshore Storage Site in the U.S.
10 Octobre 2024 - 2:30PM
Business Wire
- ExxonMobil has secured access to over 271,000-acres in Texas
state waters; ideal for CO2 storage
- Agreement will directly benefit the Texas Permanent School
Fund
- Latest example of ExxonMobil’s leadership in building a carbon
capture industry in the U.S.
Exxon Mobil Corporation (NYSE: XOM) has executed the largest
offshore carbon dioxide (CO2) storage lease in the U.S. with the
Texas General Land Office (GLO). The over 271,000-acre site
complements the onshore CO2 storage portfolio ExxonMobil is
developing, and further solidifies the U.S. Gulf Coast as a carbon
capture and storage (CCS) leader.
“This is yet another sign of our commitment to CCS and the
strides we’ve been able to make,” said Dan Ammann, president of
ExxonMobil 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.”
The terms of the agreement will directly benefit the Texas
Permanent School Fund. This will enhance education for Texas
children, while also reducing emissions and promoting community
development in nearby areas.
“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 Commissioner
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.”
Offshore acreage provides much-needed storage space for CO2
emissions with the Gulf of Mexico’s vast potential playing a key
role in meeting society’s net-zero goals. ExxonMobil operates the
largest CO2 pipeline network in the U.S. and is well-positioned to
leverage its extensive infrastructure and storage space to deliver
an end-to-end solution.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy and petrochemical companies, creates solutions that improve
quality of life and meet society’s evolving needs.
The corporation’s primary businesses - Upstream, Product
Solutions and Low Carbon Solutions – provide products that enable
modern life, including energy, chemicals, lubricants, and lower
emissions technologies. ExxonMobil holds an industry-leading
portfolio of resources, and is one of the largest integrated fuels,
lubricants, and chemical companies in the world. ExxonMobil also
owns and operates the largest CO2 pipeline network in the United
States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas
emission-reduction plans for 2030 for operated assets, compared to
2016 levels. The plans are to achieve a 20-30% reduction in
corporate-wide greenhouse gas intensity; a 40-50% reduction in
greenhouse gas intensity of upstream operations; a 70-80% reduction
in corporate-wide methane intensity; and a 60-70% reduction in
corporate-wide flaring intensity.
With advancements in technology and the support of clear and
consistent government policies, ExxonMobil aims to achieve net-zero
Scope 1 and 2 greenhouse gas emissions from its operated assets by
2050. To learn more, visit exxonmobil.com and ExxonMobil’s
Advancing Climate Solutions.
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Cautionary Statement: Statements of future events,
investments, or outcomes in this release are forward-looking
statements. Actual future results, including project plans, timing,
capacities, and costs could vary depending on implementation of
government frameworks and permitting for carbon capture and storage
and other lower-emission technologies; timely completion of
construction projects; commercial and consumer interest in
lower-emissions opportunities; changes in plans or objectives prior
to final funding decisions or project startups; unforeseen
technical or operational difficulties; and other market factors
including changes in supply and demand and other market factors
affecting future prices of oil, gas, and petrochemical products;
and other factors discussed in this release and in Item 1A. Risk
Factors of ExxonMobil’s Annual Report on Form 10-K and under the
heading “Factors Affecting Future Results” available through the
Investors page of ExxonMobil’s website at exxonmobil.com. Any
forward-looking statement speaks only as of the date of this press
release and ExxonMobil disclaims any obligation to update any
forward-looking statement.
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