The bill introduced in the 136th General Assembly establishes a regulatory framework for carbon capture and storage technologies, particularly focusing on the geologic sequestration of carbon dioxide. It grants the division of oil and gas resources management exclusive authority to regulate carbon sequestration activities and allows the chief of the division to adopt rules for the administration and enforcement of these regulations. The bill outlines the permitting process for carbon sequestration projects, requiring consent from pore space owners and the submission of a statutory consolidation application. It emphasizes the protection of public and private water supplies and includes provisions for liability insurance and surety bonds to cover potential damages related to carbon sequestration operations.

Additionally, the bill introduces new provisions regarding the ownership and management of pore space, defining "subsurface property interest owner" and clarifying that pore space ownership is vested in the surface owner unless otherwise stated. It establishes conditions for claims related to carbon dioxide injection, allowing recovery only if harm to health or property can be proven, and limits punitive damages for compliant storage operators. The legislation also creates a fee structure for carbon dioxide injection and a storage facility fund for post-closure care, while ensuring that the existence of the fund does not waive governmental immunity or assume liability for carbon dioxide storage. Overall, the bill aims to create a comprehensive regulatory environment for carbon sequestration in Ohio, balancing environmental protection with the advancement of carbon capture technologies.