Texas state and US federal lease sales of offshore acreage potentially suited for new carbon sequestration projects have boosted interest in US Gulf of Mexico carbon capture and storage (CCS) opportunities, but Chevron and ExxonMobil say CCS technology costs also need to come down for more projects to become viable.

The two supermajors say they are working to reduce the technology’s cost so their CCS ambitions can be a good financial decision, rather than simply a good environmental decision.

Getting both right will be crucial if CCS technology is to become a key driver on the road to net zero emissions.