Oregon Carbon Dioxide Storage Lease

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• Control #: US-OG-951
• Format: Word; Rich Text

Description

This form is a carbon dioxide storage lease. The Oregon Carbon Dioxide Storage Lease is a legal agreement between the state of Oregon and entities interested in storing carbon dioxide underground within the state's jurisdiction. This lease is a means to promote carbon capture and storage (CCS) technologies to mitigate greenhouse gas emissions and combat climate change. Under this lease, interested parties can lease designated areas, also known as storage zones, where carbon dioxide can be injected and safely stored underground. The storage areas are selected based on geological and geophysical assessments to ensure the suitability and long-term stability of the site. The Oregon Carbon Dioxide Storage Lease offers several types of leases, each tailored to meet specific needs and storage capacity requirements. These types include: 1. Exploration Lease: This lease allows entities to conduct feasibility studies, site characterization, and exploration activities to determine the suitability of a storage site for carbon dioxide storage. It grants temporary access to conduct tests and data collection without committing to long-term storage operations. 2. Development Lease: This type of lease is granted to entities that have successfully completed the exploration phase and intend to develop a carbon dioxide storage project within the storage zone. It allows for the injection of carbon dioxide into the designated storage site for an extended period. 3. Operations Lease: This lease is applicable once a carbon dioxide storage project has been established and is in the operational phase. It grants long-term access to the storage zone for ongoing carbon dioxide injection and storage activities. All types of Oregon Carbon Dioxide Storage Leases require compliance with stringent regulatory and environmental standards, including monitoring, reporting, and verification of injected volumes, storage integrity, and leakage prevention. The leaseholders must also have appropriate financial assurance mechanisms in place to cover potential remediation costs and any liabilities associated with the storage operation. Moreover, the Oregon Carbon Dioxide Storage Lease operates within the regulatory framework defined by the state's Department of Geology and Mineral Industries (DOGMA) and complies with federal guidelines set forth by the U.S. Environmental Protection Agency (EPA) and other relevant agencies. Overall, the Oregon Carbon Dioxide Storage Lease provides a vital platform to support the development of CCS technologies, encouraging industries to capture and safely store carbon dioxide to reduce greenhouse gas emissions and contribute to a more sustainable future.

The Oregon Carbon Dioxide Storage Lease is a legal agreement between the state of Oregon and entities interested in storing carbon dioxide underground within the state's jurisdiction. This lease is a means to promote carbon capture and storage (CCS) technologies to mitigate greenhouse gas emissions and combat climate change. Under this lease, interested parties can lease designated areas, also known as storage zones, where carbon dioxide can be injected and safely stored underground. The storage areas are selected based on geological and geophysical assessments to ensure the suitability and long-term stability of the site. The Oregon Carbon Dioxide Storage Lease offers several types of leases, each tailored to meet specific needs and storage capacity requirements. These types include: 1. Exploration Lease: This lease allows entities to conduct feasibility studies, site characterization, and exploration activities to determine the suitability of a storage site for carbon dioxide storage. It grants temporary access to conduct tests and data collection without committing to long-term storage operations. 2. Development Lease: This type of lease is granted to entities that have successfully completed the exploration phase and intend to develop a carbon dioxide storage project within the storage zone. It allows for the injection of carbon dioxide into the designated storage site for an extended period. 3. Operations Lease: This lease is applicable once a carbon dioxide storage project has been established and is in the operational phase. It grants long-term access to the storage zone for ongoing carbon dioxide injection and storage activities. All types of Oregon Carbon Dioxide Storage Leases require compliance with stringent regulatory and environmental standards, including monitoring, reporting, and verification of injected volumes, storage integrity, and leakage prevention. The leaseholders must also have appropriate financial assurance mechanisms in place to cover potential remediation costs and any liabilities associated with the storage operation. Moreover, the Oregon Carbon Dioxide Storage Lease operates within the regulatory framework defined by the state's Department of Geology and Mineral Industries (DOGMA) and complies with federal guidelines set forth by the U.S. Environmental Protection Agency (EPA) and other relevant agencies. Overall, the Oregon Carbon Dioxide Storage Lease provides a vital platform to support the development of CCS technologies, encouraging industries to capture and safely store carbon dioxide to reduce greenhouse gas emissions and contribute to a more sustainable future.