The bill establishes a comprehensive regulatory framework for carbon capture and storage technologies in Ohio by introducing new sections to the Revised Code, specifically sections 1509.71 to 1509.79 and 5301.57 to 5301.60. It grants the division of oil and gas resources management exclusive authority to oversee carbon sequestration activities, ensuring consistent statewide regulation. The bill outlines the process for obtaining a UIC Class VI permit for carbon sequestration projects, emphasizing public safety, environmental protection, and the necessity for storage operators to secure consent from a majority of pore space owners before proceeding with applications. Additionally, it mandates public notice requirements and hearings to address any objections from subsurface property owners regarding potential impacts on valuable minerals.

Furthermore, the legislation introduces provisions regarding pore space ownership, establishing that it is vested in the surface owner unless otherwise specified. It clarifies the liability framework for storage operators, stating they are presumed to own all injected carbon dioxide and related substances, with limited liability for damages unless proof of injury is provided. The bill also creates a fee structure for carbon dioxide injection and establishes a carbon dioxide storage facility fund for post-closure care. Upon the issuance of a project completion certificate, regulatory responsibilities shift from the storage operator to the state, ensuring accountability while promoting the development of carbon sequestration projects.