ExxonMobil Secures Largest U.S. Offshore Carbon Capture Lease

The historic lease aims to store carbon emissions under the Gulf of Mexico, benefiting both the environment and Texas public schools.

ExxonMobil has leased over 271,000 acres in the Gulf of Mexico for carbon capture and storage, marking the largest such lease in U.S. history.
The project is expected to help reduce CO2 emissions from industrial facilities along the Gulf Coast by storing them underground.
Funds from the lease will support Texas's Permanent School Fund, providing financial benefits to public education in the state.
The initiative is part of a broader push by oil companies, including Chevron, to develop carbon storage solutions encouraged by the Inflation Reduction Act.
ExxonMobil's efforts include agreements with major CO2 emitters, aiming to store 6.7 million metric tons of carbon dioxide annually.