The Geologic Carbon Dioxide Storage Stewardship Act establishes a regulatory framework for the geologic sequestration of carbon dioxide in New Mexico. It defines key terms related to carbon dioxide, geologic sequestration, and the roles of operators and facilities involved in the process. The Act grants the oil conservation division the authority to enforce its provisions, adopt rules, and issue orders. It also creates the "geologic carbon dioxide long-term storage stewardship fund," which will be funded by fees collected from operators and used for monitoring, remediation, and compliance activities related to geologic sequestration facilities.

Additionally, the Act outlines the process for obtaining a certificate of closure for geologic sequestration units, which allows for the transfer of stewardship responsibilities to the state once certain conditions are met. It specifies the criteria for issuing a certificate of completion of injection operations, including compliance with laws and the stability of the stored carbon dioxide. The Act also clarifies the ownership of pore space within the earth, stating that it is vested in the owners of the surface estate unless otherwise specified. Overall, the legislation aims to ensure the safe and effective management of carbon dioxide storage while addressing environmental concerns.