North Carolina 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. North Carolina Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding contract between the landowner and a carbon dioxide storage company, allowing for the underground storage of carbon dioxide in North Carolina. This agreement is designed to facilitate carbon capture and storage (CCS) initiatives, which aim to mitigate greenhouse gas emissions and combat climate change. The long-form agreement encompasses the following key elements: 1. Parties: The agreement outlines the identities of the landowner and the carbon dioxide storage company, defining their roles and responsibilities throughout the contract's duration. 2. Definitions: It provides a comprehensive list of terms used within the agreement, ensuring clear understanding and interpretation by both parties. 3. Grant of Lease and Rights: This section outlines the landowner's grant of exclusive rights to the storage company for the storage of carbon dioxide in specific subsurface zones beneath the landowner's property. 4. Permitted Use: It describes the permissible activities related to carbon dioxide storage, including injection, maintenance, monitoring, and other necessary operations associated with the storage process. 5. Lease Term and Renewal: The agreement specifies the duration of the lease, along with any provisions for its renewal or termination by either party. 6. Compensation and Royalties: It details the financial aspects of the contract, including payment terms, compensation for any use of the land, and potential royalties based on the volume of carbon dioxide stored or other pre-negotiated arrangements. 7. Storage Operations: This section outlines the carbon dioxide storage company's obligations regarding safety, maintenance, and monitoring of the storage site, as well as any environmental regulations that must be followed. 8. Access and Surface Rights: It establishes the carbon dioxide storage company's access rights for conducting necessary activities such as drilling, constructing wells, and infrastructure installation. It also ensures minimal disruption to the landowner's surface rights during the storage operations. 9. Liability and Indemnification: This part outlines responsibilities and potential liabilities for both parties concerning accidents, damages, or legal claims related to the carbon dioxide storage activities. 10. Confidentiality and Intellectual Property: The agreement may include provisions regarding the confidentiality of trade secrets, proprietary information, and any intellectual property associated with the carbon dioxide storage technology. Different types or variations of the North Carolina Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) may exist based on specific factors such as lease duration, compensation structure, or additional provisions tailored to address unique circumstances or concerns of the landowner or storage company. However, the primary purpose of all such agreements remains the same — to establish the legal framework for safe and responsible carbon dioxide storage operations while protecting the rights and interests of both parties involved.

North Carolina Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding contract between the landowner and a carbon dioxide storage company, allowing for the underground storage of carbon dioxide in North Carolina. This agreement is designed to facilitate carbon capture and storage (CCS) initiatives, which aim to mitigate greenhouse gas emissions and combat climate change. The long-form agreement encompasses the following key elements: 1. Parties: The agreement outlines the identities of the landowner and the carbon dioxide storage company, defining their roles and responsibilities throughout the contract's duration. 2. Definitions: It provides a comprehensive list of terms used within the agreement, ensuring clear understanding and interpretation by both parties. 3. Grant of Lease and Rights: This section outlines the landowner's grant of exclusive rights to the storage company for the storage of carbon dioxide in specific subsurface zones beneath the landowner's property. 4. Permitted Use: It describes the permissible activities related to carbon dioxide storage, including injection, maintenance, monitoring, and other necessary operations associated with the storage process. 5. Lease Term and Renewal: The agreement specifies the duration of the lease, along with any provisions for its renewal or termination by either party. 6. Compensation and Royalties: It details the financial aspects of the contract, including payment terms, compensation for any use of the land, and potential royalties based on the volume of carbon dioxide stored or other pre-negotiated arrangements. 7. Storage Operations: This section outlines the carbon dioxide storage company's obligations regarding safety, maintenance, and monitoring of the storage site, as well as any environmental regulations that must be followed. 8. Access and Surface Rights: It establishes the carbon dioxide storage company's access rights for conducting necessary activities such as drilling, constructing wells, and infrastructure installation. It also ensures minimal disruption to the landowner's surface rights during the storage operations. 9. Liability and Indemnification: This part outlines responsibilities and potential liabilities for both parties concerning accidents, damages, or legal claims related to the carbon dioxide storage activities. 10. Confidentiality and Intellectual Property: The agreement may include provisions regarding the confidentiality of trade secrets, proprietary information, and any intellectual property associated with the carbon dioxide storage technology. Different types or variations of the North Carolina Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) may exist based on specific factors such as lease duration, compensation structure, or additional provisions tailored to address unique circumstances or concerns of the landowner or storage company. However, the primary purpose of all such agreements remains the same — to establish the legal framework for safe and responsible carbon dioxide storage operations while protecting the rights and interests of both parties involved.