The Kentucky Carbon Dioxide Storage Lease is an agreement between the state of Kentucky and a private entity or organization for the purpose of storing carbon dioxide (CO2) in underground geological formations within the state. This lease allows for the capture and sequestration of CO2 emitted from industrial processes, such as power plants and industrial facilities, thereby reducing greenhouse gas emissions and mitigating climate change. One type of Kentucky Carbon Dioxide Storage Lease is the Enhanced Oil Recovery (FOR) Lease. In this lease, CO2 is injected into declining oil reservoirs to enhance oil production. The injected CO2 helps to extract additional oil by creating pressure that pushes the oil towards production wells. This process provides a potential revenue stream for leaseholders as they can sell the extracted oil. Another type of Kentucky Carbon Dioxide Storage Lease is the Saline Aquifer Storage Lease. Saline aquifers are rock formations deep underground that contain salty water, unsuitable for human consumption or agricultural use. These aquifers can act as secure and permanent storage sites for CO2. The lease allows for the injection and storage of CO2 in these saline aquifers, preventing its release into the atmosphere. The Kentucky Carbon Dioxide Storage Lease ensures that the storage sites comply with regulatory and safety requirements set by the state and federal governments. It outlines the rights and responsibilities of both the lessor (state of Kentucky) and lessee (private entity) regarding the capture, transport, and storage of CO2. The lease typically includes provisions for monitoring the stored CO2 to ensure its containment and to detect any potential leakage. Keywords: Kentucky, Carbon Dioxide Storage Lease, CO2 storage, underground geological formations, greenhouse gas emissions, climate change, Enhanced Oil Recovery Lease, FOR, declining oil reservoirs, oil production, revenue stream, Saline Aquifer Storage Lease, saline aquifers, secure storage sites, regulatory requirements, safety measures, monitoring, leakage detection.
Kentucky Carbon Dioxide Storage Lease
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FAQ
Alaska has important competitive advantages for the development of a CCUS industry. The State owns the pore space used for storage under State lands, which allows leasing of large contiguous storage sites.
Ownership of pore space underlying surfaces. (a) The ownership of all pore space in all strata below the surface lands and waters of this state is declared to be vested in the several owners of the surface above the strata.
Kentucky, on the other hand, appears to be an outlier that ties ownership of ?pore space? to the owner of the mineral rights. Many other states, like Indiana, have no case law directly addressing this issue.
Estimated costs for sequestering up to 500 million tons of carbon per year?an amount that would offset up to one-third of current annual U.S. carbon emissions?range from $30 to $90 per ton.
Pore space ownership in the United States varies from state to state and can be owned by the State, by the U.S. government or private individuals. In other countries, subsurface rights are controlled entirely by the government.
Courts consider two main theories when presented with this issue: the English Rule and the American Rule. The English Rule dictates that pore space belongs to the mineral estate because they created it by extracting the minerals. Conversely, the American Rule states that the surface estate owns the pore space.
Ownership. W.S. § 34-1-152 grants pore space ownership to the surface owner and allows it to be severed from the surface and separately conveyed. In 2009 W.S. § 35-11-316 created an 80% unitization requirement.
The analysis suggests coal-sourced CO2 emissions can be stored in this region at a cost of $52?$60 ton?1, whereas the cost to store emission from natural-gas-fired plants ranges from approximately $80 to $90. Storing emissions offshore increases the lowest total costs of CCS to over $60 per ton of CO2 for coal.