HB327 Summary

• Defines "pore space" as subsurface space for geologic storage or sequestration of carbon dioxide and establishes that surface property owners possess pore space rights unless previously severed or explicitly excluded.

• Storage operators must obtain consent from owners holding at least 66⅔ percent of pore space and storage rights; the State Oil and Gas Board may amalgamate remaining non-consenting owners' rights after notice and public hearing with just and reasonable compensation.

• Creates two funds: the Underground Carbon Dioxide Storage Facility Administrative Fund for monitoring active facilities and the Underground Carbon Dioxide Storage Facility Trust Fund for long-term management of closed facilities.

• Establishes a certificate of project closure and completion issuable after 10 or more years post-injection, upon which title to monitoring equipment and stored carbon dioxide transfers to the state without compensation and the operator is released from regulatory requirements and bonds.

• Becomes effective October 1, 2024; does not apply to pore space rights or agreements executed before that date.