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Exxon's New Gulf of Mexico Lease Isn't What It Looks Like

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    Experts say ExxonMobil's spending during yesterday's Gulf of Mexico lease sale is significant. This is because the company may use the space for things other than oil and gas extraction. Experts outside the company speculate that ExxonMobil wants to use the Gulf of Thailand waters for a new purpose:

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    sequestration of carbon dioxide sequestration.Biden's management auctioned vast swaths of the Gulf of Mexico to oil and gas companies yesterday. in one of the largest federal lease sales in recent years. The sale has been sharply criticized

    by environmental groups, which say allowing new oil and gas developments is incompatible with America meeting its climate targets. But it's possible Exxon, the biggest bidder in yesterday's sale — doesn't plan to extract new fossil fuels at all.

    The company surprised analysts by auctioning nearly 100 leases in shallow waters near the coast. where fossil fuel reserves are negligible That could mean Exxon plans to reuse old oil and gas wells for carbon storage.

    Or find new places in the area to pump CO2 stored underground. Experts tell The Verge that there just isn't enough fuel to be worth the money.Brian Snyder, an assistant professor of environmental science at Louisiana State University, said:

    There isn't enough oil to make a profit for them.William Turner, chief analyst at energy research firm Rystad Energy, concurred, calling the leased space "a costly investment." “It's equivalent to [Exxon] acquiring Mom and Pop businesses.