ExxonMobil Secures Over 271,000 Acres in Texas Waters for Offshore CO2 Capture
In a major move towards advancing carbon capture technology, ExxonMobil has acquired more than 271,000 acres in Texas waters for offshore carbon dioxide (CO2) storage. The lease, granted by the Texas General Land Office, is a key part of Exxon’s growing efforts to combat climate change through carbon capture and storage (CCS).
This acreage, located off the Texas Gulf Coast, will serve as a potential site for capturing and storing CO2 emissions from nearby industrial facilities. ExxonMobil plans to use the offshore space to permanently store millions of metric tons of CO2 deep beneath the ocean floor. The company’s investment in CCS comes amid increasing pressure from regulators and stakeholders to reduce greenhouse gas emissions and support global climate goals.
ExxonMobil’s CEO, Darren Woods, emphasized the importance of CCS in reaching net-zero emissions by 2050. “This is a critical step forward in our commitment to addressing climate change while continuing to meet the world’s growing energy demands,” said Woods.
The acquisition reflects the growing interest in carbon capture as a viable solution for industries seeking to reduce their carbon footprint. Texas, with its proximity to large-scale industrial operations and vast offshore storage potential, is seen as a prime location for CCS development.
ExxonMobil’s project is expected to create new jobs and boost the local economy while helping industries, such as petrochemical plants and refineries, lower their emissions. If successful, the company aims to scale up operations and expand its CCS initiatives globally.
Environmental advocates have cautiously welcomed the move, though some remain skeptical of the oil giant’s commitment to meaningful climate action, urging a focus on renewable energy alongside CCS investments.
