The Alaska Memorandum of Subsurface Underground Carbon Dioxide Storage Lease and Agreement is a legal document that regulates and governs the storage of carbon dioxide (CO2) in underground subsurface formations in Alaska. This agreement is crucial for managing CO2 storage projects and addressing environmental concerns related to reducing greenhouse gas emissions. Keywords: Alaska, Memorandum, Subsurface, Underground, Carbon Dioxide Storage, Lease, Agreement, CO2, formations, projects, greenhouse gas emissions, environmental concerns. There are two commonly known types of Alaska Memorandum of Subsurface Underground Carbon Dioxide Storage Lease and Agreement: 1. Regulatory Framework Agreement: This type of agreement outlines the legal and regulatory framework for subsurface carbon dioxide storage in Alaska. It defines the roles and responsibilities of various stakeholders, such as the state government, project proponents, and regulatory bodies. It addresses topics related to permits, monitoring, reporting, and mitigation measures to ensure compliance with environmental regulations and protection of the underground storage sites. 2. Storage Lease Agreement: This agreement involves negotiations and arrangements between the landowner and the entity interested in storing carbon dioxide underground. It outlines the terms and conditions for leasing subsurface land for carbon dioxide storage purposes. It includes provisions related to land access, storage duration, financial considerations, liability, indemnification, and dispute resolution mechanisms. The storage lease agreement safeguards the rights and interests of both parties involved in the carbon dioxide storage project. Overall, the Alaska Memorandum of Subsurface Underground Carbon Dioxide Storage Lease and Agreement are critical legal instruments that provide a comprehensive framework for the responsible and regulated storage of carbon dioxide in Alaska's subsurface formations, ensuring adherence to environmental standards while mitigating climate change impacts.
Alaska Memorandum of Subsurface Underground Carbon Dioxide Storage Lease and Agreement
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(a) The ownership of all pore space in all strata below the surface lands and waters of this state is declared to be vested in the several owners of the surface above the strata.
As used in this section, pore space is real property and, until title to the pore space or rights, interests or estates in the pore space are separately transferred, pore space is property of the person or persons holding title to the land surface above it.
SB 48 establishes a statewide carbon offset program within the Department of Natural Resources (DNR). That means a business or entity that produces carbon dioxide can offset those emissions by buying credits generated by nature-based projects on State land.
[C]ourts in Montana, Oklahoma, Louisiana, New York, Michigan, West Virginia, New Mexico, and California all recognize the surface owner's ownership of underground pore space for gas storage operations.
Under American rule, the mineral estate holder owns the minerals but not the geologic formation. The surface owner owns the geologic pore space and has storage rights.
How much carbon dioxide can the United States store via geologic sequestration? In 2013, the USGS released the first-ever comprehensive, nation-wide assessment of geologic carbon sequestration, which estimates a mean storage potential of 3,000 metric gigatons of carbon dioxide.
SB 48, which Governor Dunleavy introduced earlier this year, gives the State of Alaska authority to develop carbon management projects on state lands and sell carbon offset credits and to lease state lands for carbon management purposes.
In Texas and most states, pore space belongs to the surface owner, absent an explicit severance. Some states are passing statutes prohibiting the severance of pore space as a separate estate, thereby securing ownership in the surface owners.
