House Bill No. 783, introduced by Representative McCormick, aims to amend the existing laws regarding eminent domain and compensation for landowners, specifically focusing on pore space owners. The bill enacts R.S. 30:1108(E), which stipulates that if eminent domain is exercised to take pore space or related rights, or if such rights have been included in a unitization order by the commissioner of conservation, the affected landowner must be compensated at least the maximum amount paid to any other landowner involved in the project. This compensation is to be calculated on a per-acre basis and will encompass all revenue streams associated with the geological storage of carbon dioxide.

Additionally, the proposed law allows courts to request and review necessary information to determine compensation if expropriation is utilized, or the commissioner of conservation may request information if unitization is ordered. However, it is important to note that these provisions do not apply if there is an existing contract between the landowner and the storage operator. The bill aims to ensure fair compensation for landowners affected by the exercise of eminent domain in the context of carbon dioxide storage.