Exxon has formally requested that the Texas General Land Office (GLO) withhold the terms of its offshore carbon storage lease agreement from public disclosure.
In a letter addressed to the Texas Attorney General on January 13th, the energy giant cited the Texas Public Information Act, arguing that the agreement contains sensitive commercial and financial information that must remain confidential.
This request follows ExxonMobil‘s successful acquisition of over 271,000 acres of state waters in Texas for an offshore carbon dioxide capture operation in October.
The company emphasized in its letter that this project represents the largest offshore carbon dioxide storage lease in the United States and encompasses unique and groundbreaking aspects.
Exxon expressed concern that the disclosure of specific commercial terms of the Texas agreement, such as dollar amounts, lease durations, and other pertinent details, could provide competitors with valuable insights into their pricing structures and overall carbon dioxide transportation and storage business strategies.
This lease agreement builds upon ExxonMobil’s previous endeavors in carbon capture, including a 2021 bid for federal land off the Texas coast and its successful acquisition of 69 blocks in the shallow waters of the US Gulf of Mexico in 2023.
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These efforts demonstrate the company’s commitment to expanding its carbon storage capacity.
Carbon capture, a technology designed to capture and store industrial carbon dioxide emissions underground, has garnered significant attention from major oil companies such as Chevron, Occidental Petroleum, and TotalEnergies.
These companies view carbon capture as a crucial step towards reducing their environmental impact and addressing the pressing issue of climate change.
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