The bill amends Oklahoma law to enhance the jurisdiction and responsibilities of the Corporation Commission and state environmental agencies concerning carbon sequestration. It expands the Corporation Commission's authority to oversee Class VI CO2 injection wells and associated storage units, while establishing provisions for the authorization of certain CO2 sequestration facilities. Key insertions include the creation of the Class VI Carbon Sequestration Storage Facility Revolving Fund, which will manage fees collected from CO2 sequestration facilities for purposes such as site remediation and monitoring. The bill also clarifies the roles of the Corporation Commission and the Department of Environmental Quality (DEQ) in managing CO2 sequestration, ensuring that the DEQ retains authority over environmental aspects while delineating areas of exclusive jurisdiction for the Commission.

Additionally, the bill introduces new regulations for the management and operation of CO2 storage units, requiring operators to comply with ownership requirements and notify relevant stakeholders regarding changes to storage units. It specifies that CO2 injected into these units remains the personal property of the facility owner unless abandoned and emphasizes that the rights of surface and mineral estate owners are not adversely affected. The bill also mandates that the Corporation Commission adhere to Oklahoma Water Quality Standards and allows for immediate action in emergencies impacting the environment. Overall, the amendments aim to streamline regulatory processes, enhance environmental protection, and facilitate the development of carbon capture and storage technologies in Oklahoma, with an effective date set for November 1, 2025.