California Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form)

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• Control #: US-OG-1148
• Format: Word; Rich Text

Description

This form is a long form subsurface underground carbon dioxide storage lease and agreement with landowner. California Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding document that outlines the terms and conditions for the storage and transportation of carbon dioxide (CO2) in underground subsurface formations in California. It governs the relationship between the landowner and the entity seeking to store and utilize CO2 for various purposes such as carbon capture and storage (CCS) projects or enhanced oil recovery (FOR) operations. This comprehensive agreement covers a range of key aspects including: 1. Parties: Identifies the parties involved, specifically the landowner and the entity undertaking the storage activities. 2. Definitions: Clearly defines terms used throughout the lease to avoid any confusion or ambiguity. 3. Grant of Rights: Specifies the landowner's grant of exclusive rights to the entity to access, store, and sequester CO2 beneath the leased property. 4. Duration and Termination: Establishes the term of the lease, including renewal options, termination conditions, and obligations upon expiration. 5. Storage Operations: Outlines the specific activities related to CO2 storage, including drilling, injection, monitoring, and reporting requirements. 6. Liability and Indemnification: Clearly defines the responsibilities and liabilities of both parties regarding any damages or accidents that may occur during storage operations. 7. Compensation and Royalties: Establishes the financial terms of the agreement, including compensation to the landowner for granting access to their property and potential royalties based on CO2 storage volumes or other agreed-upon metrics. 8. Environmental and Safety Compliance: Specifies the landowner's rights to ensure compliance with all applicable environmental and safety regulations, and details any obligations and procedures in case of non-compliance. 9. Confidentiality: Addresses the protection of sensitive information and trade secrets related to storage operations. 10. Governing Law and Dispute Resolution: Determines the jurisdiction and governing law for any disputes that may arise, and outlines the process for resolving conflicts through negotiation, mediation, or arbitration. Different types of California Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) may exist depending on the specific CO2 storage project and the arrangements agreed upon between the landowner and the entity. These variations could include differences in compensation structures, royalty calculations, or special conditions based on the unique nature of the underground formation or storage objectives. However, the core elements mentioned above typically remain consistent across these different types.

California Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding document that outlines the terms and conditions for the storage and transportation of carbon dioxide (CO2) in underground subsurface formations in California. It governs the relationship between the landowner and the entity seeking to store and utilize CO2 for various purposes such as carbon capture and storage (CCS) projects or enhanced oil recovery (FOR) operations. This comprehensive agreement covers a range of key aspects including: 1. Parties: Identifies the parties involved, specifically the landowner and the entity undertaking the storage activities. 2. Definitions: Clearly defines terms used throughout the lease to avoid any confusion or ambiguity. 3. Grant of Rights: Specifies the landowner's grant of exclusive rights to the entity to access, store, and sequester CO2 beneath the leased property. 4. Duration and Termination: Establishes the term of the lease, including renewal options, termination conditions, and obligations upon expiration. 5. Storage Operations: Outlines the specific activities related to CO2 storage, including drilling, injection, monitoring, and reporting requirements. 6. Liability and Indemnification: Clearly defines the responsibilities and liabilities of both parties regarding any damages or accidents that may occur during storage operations. 7. Compensation and Royalties: Establishes the financial terms of the agreement, including compensation to the landowner for granting access to their property and potential royalties based on CO2 storage volumes or other agreed-upon metrics. 8. Environmental and Safety Compliance: Specifies the landowner's rights to ensure compliance with all applicable environmental and safety regulations, and details any obligations and procedures in case of non-compliance. 9. Confidentiality: Addresses the protection of sensitive information and trade secrets related to storage operations. 10. Governing Law and Dispute Resolution: Determines the jurisdiction and governing law for any disputes that may arise, and outlines the process for resolving conflicts through negotiation, mediation, or arbitration. Different types of California Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) may exist depending on the specific CO2 storage project and the arrangements agreed upon between the landowner and the entity. These variations could include differences in compensation structures, royalty calculations, or special conditions based on the unique nature of the underground formation or storage objectives. However, the core elements mentioned above typically remain consistent across these different types.