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New Land Grab by Oil Giants Is Deep Underground

The C3 Take
  • Oil companies such as Occidental and Exxon are shelling out up to $1,000 an acre for land use rights to store captured carbon dioxide.
  • Last month Chevron leased 100,000 acres to store carbon in rural counties in Texas.
  • Across the Gulf Shore, oil-producers are investing heavily in alternative technologies like hydrogen and carbon capture.
  • Private sector leadership and strong property rights protections are driving economic and environmental progress in the U.S.

“Occidental in March announced it had leased 55,000 acres for carbon sequestration in three Texas counties, including Chambers, where Dugat’s ranch is located—part of at least 287,000 acres it has secured for the purpose across Texas and Louisiana. Chevron and two partners said the same month that they had leased 100,000 acres to store carbon in Chambers and neighboring Jefferson counties alone—more than a 10th of the counties’ total land area.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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