Texas General Land Office and ExxonMobil Sign Landmark Carbon Capture Lease

AUSTIN, Texas — Texas Land Commissioner Dawn Buckingham announced today a historic agreement between the Texas General Land Office (GLO) and ExxonMobil to lease approximately 271,068 acres of submerged state land located offshore in Jefferson, Chambers, and Galveston Counties. The deal marks the largest Carbon Capture and Sequestration (CCS) transportation and storage lease in both Texas and U.S. history.

The agreement grants ExxonMobil the right to inject carbon dioxide into secure geological formations located one to two miles beneath the Gulf of Mexico’s surface, as part of efforts to reduce greenhouse gas emissions. The project, designed to support the state’s energy infrastructure, also promises significant environmental and economic benefits.

Buckingham highlighted that the lease would provide millions in revenue to the Texas Permanent School Fund (PSF), generating substantial returns to benefit public school students across the state. The GLO, the largest land and mineral rights owner in Texas, aims to protect and develop state resources to ensure Texas remains a leader in energy production.

The landmark lease reflects the GLO’s ongoing strategy to balance energy innovation with public benefits, positioning Texas at the forefront of both education funding and environmental progress.

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