Over the last century, the state of Texas has reaped billions of dollars by allowing companies to burrow into the floor of the Gulf of Mexico to extract oil and gas. Now, the General Land Office — the state agency tasked with protecting the vulnerable Texas shoreline and other natural resources — is eyeing carbon sequestration as the next industry to develop in the Gulf.
Angling for a share of $12 billion in federal funding for such projects under the 2021 Infrastructure Investment and Jobs Act, companies are competing to build carbon capture plants next to onshore oil wells, gas wells and other polluting facilities along the coast. At the same time, they are applying for offshore leases that will allow them to store that heat-trapping carbon dioxide deep beneath the seafloor.
