Wyoming 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. Wyoming Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding contract between the State of Wyoming and a landowner pertaining to the storage of carbon dioxide (CO2) in underground geological formations within the landowner's property. This agreement aims to establish the rights, responsibilities, and specific conditions surrounding the subsurface storage of CO2, ensuring compliance with state regulations and promoting carbon capture and storage (CCS) initiatives. Some key aspects covered in the Wyoming Subsurface Underground Carbon Dioxide Storage Lease and Agreement include: 1. Parties: Clearly identifies the parties involved, including the State of Wyoming and the landowner. 2. Property Description: Provides a detailed description of the landowner's property, encompassing both surface and subsurface rights. 3. Purpose and Scope: Outlines the purpose of the agreement, which is to authorize the storage of CO2 in underground geological formations, highlighting the significance of mitigating greenhouse gas emissions and promoting environmental sustainability. 4. Grant of Storage Rights: Specifically grants the landowner's permission to the State of Wyoming to store and inject CO2 into identified subsurface formations underneath the property. This section also establishes the limitations, levels, and conditions of CO2 injection, ensuring safe and effective storage. 5. Compensation and Royalties: Establishes provisions for the landowner to receive compensation or royalties from the State in exchange for granting storage rights. The agreement provides details on how compensation will be determined, including potential fluctuations based on market conditions. 6. Liability and Indemnification: Addresses liability concerns and indemnification for both parties, ensuring that any damages, losses, or accidents related to the storage of CO2 are appropriately addressed and covered by insurance or compensatory measures. 7. Rights of Access and Inspection: Grants the State access to the property for monitoring, inspection, and other necessary activities related to the CO2 storage project. The agreement outlines the landowner's rights and any restrictions, ensuring the protection of their property rights during the project. 8. Reporting and Record-Keeping: Establishes reporting requirements for the landowner, including the submission of operational plans, periodic monitoring reports, and records related to CO2 storage activities. This section also highlights the importance of maintaining the confidentiality of any sensitive information. 9. Term and Termination: Specifies the duration of the agreement and conditions for termination, including circumstances where early termination may be necessary or initiated by either party. Types of Wyoming Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form): 1. Commercial Carbon Dioxide Storage Lease: Pertains to agreements involving landowners with properties suitable for large-scale commercial CO2 storage projects. It typically incorporates more comprehensive provisions, including extended compensation terms, technical specifications, and long-term monitoring obligations. 2. Pilot Project Carbon Dioxide Storage Lease: Designed for smaller-scale pilot projects or experimental CO2 storage initiatives. This type of agreement may include provisions related to research collaboration, data sharing, and limited-term storage arrangements. 3. Enhanced Oil Recovery (FOR) Carbon Dioxide Storage Lease: Tailored to situations where the injected CO2 is primarily used for enhanced oil recovery purposes. This agreement may involve additional provisions related to oil production, pumping activity, and revenue sharing between the State and landowner associated with the increased oil recovery. By tailoring the Wyoming Subsurface Underground Carbon Dioxide Storage Lease and Agreement to the specific needs and circumstances of landowners, the state can effectively manage and regulate carbon storage activities while incentivizing participation in carbon capture initiatives.

Wyoming Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding contract between the State of Wyoming and a landowner pertaining to the storage of carbon dioxide (CO2) in underground geological formations within the landowner's property. This agreement aims to establish the rights, responsibilities, and specific conditions surrounding the subsurface storage of CO2, ensuring compliance with state regulations and promoting carbon capture and storage (CCS) initiatives. Some key aspects covered in the Wyoming Subsurface Underground Carbon Dioxide Storage Lease and Agreement include: 1. Parties: Clearly identifies the parties involved, including the State of Wyoming and the landowner. 2. Property Description: Provides a detailed description of the landowner's property, encompassing both surface and subsurface rights. 3. Purpose and Scope: Outlines the purpose of the agreement, which is to authorize the storage of CO2 in underground geological formations, highlighting the significance of mitigating greenhouse gas emissions and promoting environmental sustainability. 4. Grant of Storage Rights: Specifically grants the landowner's permission to the State of Wyoming to store and inject CO2 into identified subsurface formations underneath the property. This section also establishes the limitations, levels, and conditions of CO2 injection, ensuring safe and effective storage. 5. Compensation and Royalties: Establishes provisions for the landowner to receive compensation or royalties from the State in exchange for granting storage rights. The agreement provides details on how compensation will be determined, including potential fluctuations based on market conditions. 6. Liability and Indemnification: Addresses liability concerns and indemnification for both parties, ensuring that any damages, losses, or accidents related to the storage of CO2 are appropriately addressed and covered by insurance or compensatory measures. 7. Rights of Access and Inspection: Grants the State access to the property for monitoring, inspection, and other necessary activities related to the CO2 storage project. The agreement outlines the landowner's rights and any restrictions, ensuring the protection of their property rights during the project. 8. Reporting and Record-Keeping: Establishes reporting requirements for the landowner, including the submission of operational plans, periodic monitoring reports, and records related to CO2 storage activities. This section also highlights the importance of maintaining the confidentiality of any sensitive information. 9. Term and Termination: Specifies the duration of the agreement and conditions for termination, including circumstances where early termination may be necessary or initiated by either party. Types of Wyoming Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form): 1. Commercial Carbon Dioxide Storage Lease: Pertains to agreements involving landowners with properties suitable for large-scale commercial CO2 storage projects. It typically incorporates more comprehensive provisions, including extended compensation terms, technical specifications, and long-term monitoring obligations. 2. Pilot Project Carbon Dioxide Storage Lease: Designed for smaller-scale pilot projects or experimental CO2 storage initiatives. This type of agreement may include provisions related to research collaboration, data sharing, and limited-term storage arrangements. 3. Enhanced Oil Recovery (FOR) Carbon Dioxide Storage Lease: Tailored to situations where the injected CO2 is primarily used for enhanced oil recovery purposes. This agreement may involve additional provisions related to oil production, pumping activity, and revenue sharing between the State and landowner associated with the increased oil recovery. By tailoring the Wyoming Subsurface Underground Carbon Dioxide Storage Lease and Agreement to the specific needs and circumstances of landowners, the state can effectively manage and regulate carbon storage activities while incentivizing participation in carbon capture initiatives.