Oregon Carbon Dioxide Storage Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-949
• Format: Word; Rich Text

Description

This form is a carbon dioxide storage agreement. The Oregon Carbon Dioxide Storage Agreement (OCD SA) is a legally binding contract that establishes guidelines and procedures for the long-term storage of carbon dioxide (CO2) within the state of Oregon. This agreement is crucial in mitigating greenhouse gas emissions and combating climate change by facilitating the secure and permanent storage of CO2. The OCD SA outlines various key aspects and requirements surrounding carbon dioxide storage, including the identification and characterization of suitable geologic formations capable of storing high volumes of CO2. It also sets specific guidelines for the injection and monitoring of CO2 into these formations to ensure proper storage and containment. One type of Oregon Carbon Dioxide Storage Agreement is known as the "Industrial CO2 Storage Agreement." This agreement is designed for industrial facilities with carbon capture and storage (CCS) operations, such as power plants or manufacturing plants. The agreement outlines the responsibilities of the industrial facility in capturing, transporting, and injecting the CO2 into the identified geologic formations within Oregon. Another type of OCD SA is the "Natural CO2 Storage Agreement." This agreement applies to natural sources of CO2, such as geothermal power plants or natural CO2 reservoirs. It ensures that the extracted CO2 is stored securely and safely underground to prevent any potential environmental harm. Furthermore, the Oregon Carbon Dioxide Storage Agreement also addresses key regulatory and liability aspects. It specifies the roles and responsibilities of the Oregon Department of Geology and Mineral Industries (DOGMA) and the Oregon Department of Environmental Quality (DEQ) in overseeing and regulating CO2 storage activities. The agreement includes provisions for liability, indemnification, and financial assurance to protect the state and stakeholders involved in CO2 storage operations from any potential liabilities or risks. Overall, the Oregon Carbon Dioxide Storage Agreement plays a pivotal role in establishing a robust framework for the storage of CO2 within the state. It ensures that the storage operations are conducted safely, conform to environmental regulations, and contribute to achieving Oregon's climate goals by reducing greenhouse gas emissions.

The Oregon Carbon Dioxide Storage Agreement (OCD SA) is a legally binding contract that establishes guidelines and procedures for the long-term storage of carbon dioxide (CO2) within the state of Oregon. This agreement is crucial in mitigating greenhouse gas emissions and combating climate change by facilitating the secure and permanent storage of CO2. The OCD SA outlines various key aspects and requirements surrounding carbon dioxide storage, including the identification and characterization of suitable geologic formations capable of storing high volumes of CO2. It also sets specific guidelines for the injection and monitoring of CO2 into these formations to ensure proper storage and containment. One type of Oregon Carbon Dioxide Storage Agreement is known as the "Industrial CO2 Storage Agreement." This agreement is designed for industrial facilities with carbon capture and storage (CCS) operations, such as power plants or manufacturing plants. The agreement outlines the responsibilities of the industrial facility in capturing, transporting, and injecting the CO2 into the identified geologic formations within Oregon. Another type of OCD SA is the "Natural CO2 Storage Agreement." This agreement applies to natural sources of CO2, such as geothermal power plants or natural CO2 reservoirs. It ensures that the extracted CO2 is stored securely and safely underground to prevent any potential environmental harm. Furthermore, the Oregon Carbon Dioxide Storage Agreement also addresses key regulatory and liability aspects. It specifies the roles and responsibilities of the Oregon Department of Geology and Mineral Industries (DOGMA) and the Oregon Department of Environmental Quality (DEQ) in overseeing and regulating CO2 storage activities. The agreement includes provisions for liability, indemnification, and financial assurance to protect the state and stakeholders involved in CO2 storage operations from any potential liabilities or risks. Overall, the Oregon Carbon Dioxide Storage Agreement plays a pivotal role in establishing a robust framework for the storage of CO2 within the state. It ensures that the storage operations are conducted safely, conform to environmental regulations, and contribute to achieving Oregon's climate goals by reducing greenhouse gas emissions.