The bill introduced by Senators Schaffer and Chavez establishes a regulatory framework for carbon capture and storage technologies in Ohio, enacting new sections of the Revised Code that define key terms and delineate the roles of stakeholders involved in carbon sequestration. It grants the division of oil and gas resources management exclusive authority to regulate these activities, ensuring uniform statewide oversight. The legislation outlines the requirements for obtaining a UIC Class VI permit for carbon dioxide injection, including the necessity for storage operators to secure consent from at least seventy percent of pore space owners before applying for a consolidation application. Additionally, it mandates the publication of a notice in local newspapers regarding the project, which must include details about the application and allow for public input.

The bill also addresses the ownership and management of pore space, establishing that ownership is vested in the surface owner unless otherwise specified. It clarifies the liability of storage operators, stating they are presumed to own all injected carbon dioxide and are not liable for damages solely due to their ownership of pore space. Claims for damages are limited, requiring proof of injury, and property interest owners can only recover for diminished property value without seeking punitive damages if the operator complies with regulations. Overall, the legislation aims to facilitate carbon sequestration projects while ensuring environmental safety and accountability, including the establishment of a fee structure for carbon dioxide injection and a fund for post-closure care of sequestered carbon dioxide.