The Geologic Carbon Dioxide Sequestration Act establishes a regulatory framework for the underground sequestration of carbon dioxide in New Mexico. It defines essential terms such as "geologic sequestration," "sequestration facility," and "sequestration unit," and grants the oil conservation division the authority to enforce the Act and adopt necessary rules. The Act explicitly states that it does not apply to enhanced oil and gas production operations and does not override existing mineral, surface, or disposal rights. Operators must negotiate to acquire necessary rights before initiating unitization procedures, which require detailed applications that include geologic evidence and compensation proposals for landowners.

The bill introduces new provisions that designate all carbon dioxide injected into a sequestration unit as the property of the operator, preventing surface or mineral interest owners from interfering without approval. It also clarifies that individuals acting under a certificate or order from the division are not classified as public utilities or common carriers due to their involvement in carbon sequestration. Additionally, the bill creates an "oil conservation division systems and hearings fund" for managing fees from operators and specifies that surface estate includes pore space owned by surface owners unless severed. Overall, the Act aims to regulate carbon dioxide sequestration while balancing the rights of surface and mineral owners.