GLO secures largest carbon sequestration lease in the country

AUSTIN – The Texas General Land Office (GLO) has signed an agreement with ExxonMobil to lease approximately 271,068 acres of submerged state land located offshore in Jefferson, Chambers, and Galveston Counties. 

According to a GLO press release, this agreement is “not only the most extensive Carbon Capture and Sequestration (CCS) transportation and storage lease in state history; it’s also the largest lease in the United States.”

The agreement will benefit the Texas Permanent School Fund (PSF) and provide millions in funding to Texas public school children by generating exceptional investment returns, the GLO said.

Under the terms of the agreement, ExxonMobil will have the right to inject carbon dioxide into geologically secure strata located approximately one to two miles below the surface of the Gulf of Mexico.

To learn more about carbon sequestration, read “Down to Earth: Carbon Credits for Landowners” and “On the Trail of ESG” on TRERC’s website.