Exxon Mobil Corp. has secured the largest offshore carbon storage site in the United States, granted by the Texas General Land Office. This lease encompasses 271,000 acres in the Gulf of Mexico, allowing Exxon to bury carbon dioxide emissions from industrial sources, aiming to capture about 6.7 million tons annually. The company plans to expand its carbon capture efforts, particularly along the Gulf Coast, which is responsible for roughly 20% of U.S. emissions. Despite a history of mixed results in carbon capture projects, Exxon is optimistic about its potential, aided by recent financial incentives and technological advancements.
