Exxon Mobil Corporation  has executed the largest offshore carbon dioxide  storage lease in the U.S. with the Texas General Land Office. 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  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.