Oregon Carbon Dioxide Storage Unit Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-953
• Format: Word; Rich Text

Description

This form is a carbon dioxide storage unit agreement. The Oregon Carbon Dioxide Storage Unit Agreement (OCD SUA) is a legally binding contract that governs the management and operation of carbon dioxide storage within the state of Oregon. This agreement is designed to regulate the long-term storage of carbon dioxide in underground reservoirs to mitigate greenhouse gas emissions and combat climate change. Under the OCD SUA, companies or entities interested in storing carbon dioxide are required to obtain a permit from the Oregon Department of Geology and Mineral Industries (DOGMA). These permits outline the terms and conditions for storage and specify the geologic formation or storage reservoir in which the CO2 will be injected. There are different types of OCD SUA agreements based on the purposes and nature of carbon dioxide storage: 1. Commercial Storage Agreements: These agreements are entered into between the state and private entities that store carbon dioxide for commercial or industrial purposes. Carbon dioxide is typically captured from industrial processes or power plants and securely stored in designated storage units. 2. Research and Development Agreements: These agreements pertain to the storage of carbon dioxide for research and development purposes. Universities, research institutions, or private organizations may enter into such agreements to advance technologies and techniques related to carbon capture and storage. 3. Enhanced Oil Recovery (FOR) Agreements: FOR agreements involve injecting carbon dioxide into oil reservoirs to facilitate the extraction of additional oil. Under the OCD SUA, these agreements ensure the proper management and monitoring of carbon dioxide injection to maximize oil recovery while minimizing environmental impacts. 4. Liability and Indemnification Agreements: These agreements focus on liability and indemnification provisions associated with carbon dioxide storage. They outline responsibilities, potential financial repercussions, and insurance requirements to protect parties involved in case of accidents, leaks, or prolonged environmental risks. OCD SUA agreements also place a significant emphasis on monitoring, reporting, and verification of carbon dioxide storage activities. Parties are required to report their carbon dioxide storage volumes, injection rates, and any potential leaks. This transparency is vital in ensuring compliance with state regulations and facilitating effective management and oversight. The OCD SUA can be seen as an essential regulatory framework that enables Oregon to promote and deploy carbon capture and storage technologies while safeguarding the environment and public health. By providing clear guidelines and requirements, these agreements contribute to the state's efforts to address climate change and reduce greenhouse gas emissions.

The Oregon Carbon Dioxide Storage Unit Agreement (OCD SUA) is a legally binding contract that governs the management and operation of carbon dioxide storage within the state of Oregon. This agreement is designed to regulate the long-term storage of carbon dioxide in underground reservoirs to mitigate greenhouse gas emissions and combat climate change. Under the OCD SUA, companies or entities interested in storing carbon dioxide are required to obtain a permit from the Oregon Department of Geology and Mineral Industries (DOGMA). These permits outline the terms and conditions for storage and specify the geologic formation or storage reservoir in which the CO2 will be injected. There are different types of OCD SUA agreements based on the purposes and nature of carbon dioxide storage: 1. Commercial Storage Agreements: These agreements are entered into between the state and private entities that store carbon dioxide for commercial or industrial purposes. Carbon dioxide is typically captured from industrial processes or power plants and securely stored in designated storage units. 2. Research and Development Agreements: These agreements pertain to the storage of carbon dioxide for research and development purposes. Universities, research institutions, or private organizations may enter into such agreements to advance technologies and techniques related to carbon capture and storage. 3. Enhanced Oil Recovery (FOR) Agreements: FOR agreements involve injecting carbon dioxide into oil reservoirs to facilitate the extraction of additional oil. Under the OCD SUA, these agreements ensure the proper management and monitoring of carbon dioxide injection to maximize oil recovery while minimizing environmental impacts. 4. Liability and Indemnification Agreements: These agreements focus on liability and indemnification provisions associated with carbon dioxide storage. They outline responsibilities, potential financial repercussions, and insurance requirements to protect parties involved in case of accidents, leaks, or prolonged environmental risks. OCD SUA agreements also place a significant emphasis on monitoring, reporting, and verification of carbon dioxide storage activities. Parties are required to report their carbon dioxide storage volumes, injection rates, and any potential leaks. This transparency is vital in ensuring compliance with state regulations and facilitating effective management and oversight. The OCD SUA can be seen as an essential regulatory framework that enables Oregon to promote and deploy carbon capture and storage technologies while safeguarding the environment and public health. By providing clear guidelines and requirements, these agreements contribute to the state's efforts to address climate change and reduce greenhouse gas emissions.