Exxon Granted Largest US Offshore Carbon Storage Site in Texas

Exxon Mobil Corp. won the right to pump carbon dioxide beneath Texas state waters in the Gulf of Mexico, in what will be the largest concession of its kind in the US.

The lease granted by the Texas General Land Office will cover 271,000 acres and allow Exxon to bury emissions in geologic rock formations under the seabed, the Spring, Texas-based company said in a statement. Exxon has agreed to remove 6.7 million tons of CO2 a year from industrial emitters along the Gulf Coast, including a new deal with a gas-gathering project in Louisiana announced this week.

The company ...