12:32 PM EDT, 09/05/2024 (MT Newswires) -- Exxon Mobil ( XOM ) aims to launch its first US Gulf Coast carbon capture project next year, subject to regulatory approval for the injection wells, according to Dan Ammann, president of Exxon's division for low carbon solutions.

"The primary thing that needs to fall into place for that project to successfully start up in the first part of next year is the Class VI permit for the storage wells for that project," Ammann said in a presentation at a Barclays conference in New York Thursday, according to a Capital IQ transcript.

The project is part of Exxon's plan to build a network that can capture up to 100 million tons a year of carbon dioxide emissions, Ammann said.

He said the company had signed four definitive CO2 offtake agreements for about 5.5 million tons a year of CO2 emissions. Two offtake agreements were signed with CF Industries ( CF ) , Ammann said, adding they have also signed deals with Linde ( LIN ) and Nucor ( NUE ) .

Exxon aims to capture up to 2 million tons of CO2 emissions from CF Industries' ( CF ) ammonia plant in Louisiana, according to a Bloomberg report.

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