The Franklin Ohio Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding contract that outlines the terms and conditions for the storage of carbon dioxide (CO2) within the subsurface underground of Franklin, Ohio. This agreement is specifically designed to ensure the rights and responsibilities of both the landowner and the entity seeking to store CO2. Key terms covered in the Franklin Ohio Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) include: 1. Definitions: Clearly defines important terms such as "landowner," "CO2 storage," "subsurface underground," and others to ensure a shared understanding between the parties involved. 2. Scope and Purpose: States the purpose of the agreement, which is to establish and regulate the long-term underground storage of CO2 for environmental and industrial purposes, such as reducing greenhouse gas emissions or enhancing oil and gas recovery. 3. Granting Clauses: Specifies the landowner's grant of exclusive rights to the entity to store CO2 within their designated subsurface underground space. 4. Payment and Royalties: Outlines the financial aspects of the agreement, including upfront payments, annual lease payments, and potential royalty payments based on the quantity of CO2 stored or other contractual arrangements. 5. Property Rights: Defines the rights and limitations concerning the entity's usage of the subsurface underground property, ensuring that the landowner retains ownership of the surface land and any pre-existing rights, such as access to groundwater or minerals. 6. Operations and Environmental Obligations: Describes the entity's responsibilities for safely and securely storing CO2 while addressing any environmental concerns or risks associated with the storage process. It may also cover monitoring and reporting requirements to ensure compliance with applicable environmental regulations. 7. Indemnification and Liability: Specifies the allocation of liability between the landowner and the entity, ensuring that the entity is responsible for any damages caused by the CO2 storage activities and indemnifies the landowner against third-party claims. 8. Term and Termination: Specifies the duration of the agreement, any renewal options, and the circumstances under which either party can terminate the agreement. It is important to note that there may be different variations or types of the Franklin Ohio Subsurface Underground Carbon Dioxide Storage Lease and Agreement. Some potential variations could include shorter or more streamlined agreements, agreements with different financial structures, or agreements tailored to specific project types (e.g., commercial vs. research-based storage projects). However, it is essential to consult the specific document to understand the precise terms and variations applicable to a specific lease and agreement.
Franklin Ohio Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form)
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FAQ
When you run the number, it turns out that one acre of forest absorbs about 2.5 tons of CO2 per year.
Studies have shown that CO2 can be safely stored underground, such as in deep, porous rock formations, for thousands of years, and we've even found natural pockets of CO2 that have existed for millions.
The costs for carbon dioxide (CO2) capture and storage (CCS) in geologic formations is estimated to be $675/t CO2.
With regenerative agriculture the percentage can increase to between 5 and 8% over 10 to 20 years, by which time the soil will become carbon replete. According to them, each percentage increase represents 8.5 tons of carbon sequestered per acre: so between 25 and 60 tons per acre over 10 -20 years.
The representative cost of storage ranges from $5 per ton CO2 in depleted oil and gas fields located onshore, to $18 ton22121 CO2 in an offshore saline reservoir. Onshore saline reservoirs store CO2 at a cost of $6 ton22121 CO2.
The study shows that the cost of geologic sequestration without by-product credits (such as additional oil produced with enhanced oil recovery (EOR)) ranges from $2.84 to $28.12 per metric ton of CO2, depending on characteristics specific to the type of geologic formation.
If you add up all the carbon dioxide released for each person in the country based on our use of fossil fuels and calculate the number of trees you need to take up the carbon dioxide released, the total is equivalent to about 730 trees per person, or roughly 7 acres of forested land.
The CO2 storage capacity of hydrocarbon (oil, gas and coal) reservoirs is estimated to be around 800 gigatonnes of CO2. The world's deep saline formations may have a much greater storage capacity than depleted oil and gas fields, although more work needs to be done to assess their full potential for CO2 storage.
According to estimates from CMU, the approximate capital costs for these pipelines would range from $70 million to $180 million, and would average $150 million. The average levelized cost would be approximately $2.00 per ton of transported CO2.
Estimated costs for sequestering up to 500 million tons of carbon per yearan amount that would offset up to one-third of current annual U.S. carbon emissionsrange from $30 to $90 per ton.