SB 269 Summary: Carbon Capture and Geologic Sequestration Act

• Grants the Oklahoma Corporation Commission exclusive jurisdiction over Class VI CO2 injection wells and CO2 sequestration facilities in oil/gas reservoirs, coal-bed methane, and mineral brine formations; assigns the Department of Environmental Quality jurisdiction over other reservoir types like deep saline formations.

• Establishes a unitization process allowing the Corporation Commission to create CO2 storage units by aggregating pore space in approved reservoirs, requiring applicant ownership of at least 63% of injection/storage rights and providing cost-bearing or fair market value compensation options to other rights owners.

• Creates the Class VI Carbon Sequestration Storage Facility Revolving Fund supported by per-ton injection fees (capped at $5 million per facility, $10 million per operator annually) for site monitoring, remediation, research, and long-term stewardship.

• Releases operators and CO2 owners from future obligations after 50 years (or site-specific timeframe) upon issuance of a certificate of completion of injection operations, with ownership of stored CO2 transferring to the state; exempts operators who engaged in noncompliance or intentional misrepresentation.

• Updates environmental jurisdiction statutes to clarify Corporation Commission authority over CO2 sequestration facilities and related Class VI injection wells, and allows memorandums of understanding between agencies for implementation cooperation.