The bill amends the Oklahoma Carbon Capture and Geologic Sequestration Act to enhance the regulatory framework for carbon dioxide (CO2) sequestration facilities, primarily by expanding the jurisdiction and responsibilities of the Corporation Commission and the Department of Environmental Quality (DEQ). It grants the Corporation Commission oversight of Class VI CO2 injection wells and the authority to create CO2 storage units, while also establishing a process for issuing certificates of completion for injection operations. The bill introduces new definitions related to CO2 sequestration and mandates that applicants for permits notify surface and mineral owners of hearings related to CO2 facilities, ensuring transparency and stakeholder involvement.

Additionally, the bill clarifies the ownership of injected CO2, stipulating that it remains the personal property of the facility owner unless abandoned, and outlines the rights of surface and mineral estate owners. It establishes the Oklahoma Leaking Underground Storage Tank Trust Fund and delineates the DEQ's jurisdiction over hazardous substance discharges, while excluding pipeline transportation of CO2 from its oversight. The Corporation Commission is empowered to respond to environmental emergencies and manage a revolving fund for CO2 storage operations, ensuring compliance with federal regulations and promoting effective environmental governance in Oklahoma. The act is set to take effect on November 1, 2025.