There is a prefiled bill in Oklahoma, S.B. 1765, that lays out ground rules for the geologic storage of carbon dioxide. The act entitled the, "Geologic Storage of Carbon Dioxide Act," declares that the regulatory authority will be handled by the Corporation Commission and then Department of Environmental Quality. In section 3 of the bill, terms are defined such as, carbon dioxide, "oil or gas", reservoir, storage facility, storage operator and geologic storage. A "storage operator" in terms of the bill is defined as "any person, corporation, partnership, limited liability company, or other entity authorized by the State Regulatory Agency to operate a storage facility."
The bill details what it would take for a reservoir to be used as a storage facility. There must be a public notice and hearing set regarding the facility, as well as the State Regulatory Agency setting the "horizontal and vertical boundaries" for the facility. Four more steps also must occur, the Regulatory Agency must find as follows:
1. The storage facility and reservoir are suitable for injection and storage of CO2;
2. A good faith effort has been made to obtain the consent of a majority of the owners having property interests affected by the storage facility and that the operator intends to acquire any remaining interest by eminent domain or otherwise allowed by statute;
3. The use of the storage facility for the geologic storage of CO2 will not contaminate other formations containing fresh water or oil, gas, coal, or other commercial mineral deposits; and
4. The proposed storage will not unduly endanger human health and the environment and is in the public interest.
The bill also sets up the Carbon Dioxide Storage Facility Trust Fund. This would call for a fee to be placed on each ton of CO2 injected for storage to help fund the trust fund. The trust funds main objective would then be to monitor the site. Section 8 of the bill would establish a time frame, possibly 10 years, by which the State Regulatory Agency would issue a Certificate of Completion of Injection Operations. This certificate would show that the reservoir is "reasonably" expected to maintain its integrity, "at which time ownership of the remaining project including the stored carbon dioxide transfers to the state." This would release the operator from any liability associated with the site. If anything would happen following this, i.e. leakage, the responsibility would be upon the state and the Carbon Dioxide Storage Facility Trust Fund. If this legislation is passed it would be effective January 1, 2009.