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ExxonMobil, Texas ink deal for nation’s largest offshore CO2 storage site

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By illuminem briefings

· 2 min read


illuminem summarizes for you the essential news of the day. Read the full piece on ESG Dive or enjoy below:

🗞️ Driving the news: ExxonMobil has secured a deal with Texas to access over 270,000 acres of submerged land in the Gulf of Mexico for carbon dioxide storage, marking the nation’s largest offshore CO2 storage site
The agreement will provide significant revenue for the Texas school system through the Texas Permanent School Fund

🔭 The context: Exxon already operates the largest CO2 pipeline network in the U.S. and views offshore carbon storage as essential to achieving net-zero emissions
This deal complements its onshore carbon capture efforts and aligns with broader energy transition goals

🌍 Why it matters for the planet: The expansion of carbon capture and storage (CCS) infrastructure is critical in reducing industrial emissions and supporting global efforts to limit temperature rise under the Paris Agreement

⏭️ What's next: Exxon plans to drive further emissions reductions along the Gulf Coast, leveraging this offshore site to serve its growing portfolio of CCS customers

💬 One quote: "We’ll be driving substantial emissions reductions along the Gulf Coast through a comprehensive solution that includes capture, transportation, and storage" — Dan Ammann, President of Low Carbon Solutions, ExxonMobil

📈 One stat: Exxon has committed to storing 5.5 million metric tons of CO2 for industrial clients

Click for more news covering the latest on carbon capture & storage

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