New Mexico Statutes Chapter 74. Environmental Improvement § 74-14-5. Geologic carbon dioxide long-term storage stewardship fund created

Current as of January 01, 2024 | Updated by Findlaw Staff

A. The “geologic carbon dioxide long-term storage stewardship fund” is created as a nonreverting fund in the state treasury. The fund consists of fees collected from operators at a rate of not less than ten cents ($.10) per metric ton of carbon dioxide injected for storage pursuant to applicable statutes and rules, distributions, appropriations, gifts, grants and donations. The oil conservation commission shall establish by rule a fee schedule sufficient to meet the projected needs of the fund. All fees collected pursuant to this section shall be transmitted to the state treasurer for credit to the fund. All money in the fund is appropriated to the division for the sole purpose of ensuring the long-term storage security of geologic sequestration facilities. Disbursements from the fund shall be made by warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of energy, minerals and natural resources.

B. The division shall administer the geologic carbon dioxide long-term storage stewardship fund, and money in the fund shall be used for:

(1) long-term monitoring of geologic sequestration facilities and associated class 6 injection wells;

(2) remediation of mechanical problems associated with geologic sequestration facilities and associated carbon dioxide class 6 injection wells;

(3) repairing mechanical leaks at geologic sequestration facilities;

(4) plugging abandoned carbon dioxide class 6 injection wells used for geologic sequestration;

(5) remediation of surface facilities, access, and rights of way related to a geologic sequestration site;

(6) training and technology transfer related to carbon dioxide injection and geologic sequestration;

(7) compliance and enforcement activities related to geologic sequestration facility operation and associated class 6 injection wells;

(8) oversight and management of geologic sequestration facilities and associated class 6 injection wells after site closure; and

(9) emergency response as deemed necessary by the director of the division.

Previous Part of Code Next Part of Code

Back to Chapter List

Cite this article: FindLaw.com - New Mexico Statutes Chapter 74. Environmental Improvement § 74-14-5. Geologic carbon dioxide long-term storage stewardship fund created - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-74-environmental-improvement/nm-st-sect-74-14-5/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Did FindLaw Help You Understand This Legal Issue?

Make It a Preferred Google Search Source

Add to Google

Latest Blog Posts

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)