09:02 AM EDT, 10/10/2024 (MT Newswires) -- Exxon Mobil ( XOM ) said Thursday it has executed the largest offshore carbon dioxide storage lease in the US, covering over 271,000 acres, with the Texas General Land Office.

The company said the site will complement its onshore CO2 storage initiatives and reinforce the US Gulf Coast's carbon capture and storage leadership.

It added that the agreement will directly benefit the Texas Permanent School Fund, enhancing educational opportunities for Texas children and contributing to emissions reduction and community development in surrounding areas.

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