 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
NATURAL RESOURCES CODE |
|
Title 3. OIL AND GAS |
|
Subtitle D. REGULATION OF SPECIFIC BUSINESSES AND OCCUPATIONS |
|
Chapter 120. VERIFICATION, MONITORING, AND CERTIFICATION OF CLEAN ENERGY PROJECT |
Sec. 120.003. MONITORING OF SEQUESTERED CARBON DIOXIDE
-
(a) An entity that applies to the commission under Section 120.002 for a certification that a project operated by the entity meets the requirements for a clean energy project is responsible for conducting a monitoring, measuring, and verification process that demonstrates that the project complies with the requirements of Section 490.352(b)(4), Government Code.
(b) The entity shall contract with the bureau for the bureau to:
(1) design initial protocols and standards for the process described by Subsection (a);
(2) review the conduct of the process described by Subsection (a) in order to make any necessary changes in the design of the protocols and standards;
(3) evaluate the results of the process described by Subsection (a);
(4) provide an evaluation of the results of the process described by Subsection (a) to the commission; and
(5) determine whether to transmit to the comptroller the verification described by Section 490.352(b)(4), Government Code.
(c) Unless otherwise agreed by the entity and the bureau, a contract required by Subsection (b) must require the entity to compensate the bureau by paying an annual fee in accordance with the following schedule:
Year Amount
One $700,000
Two $1,300,000
Three $1,800,000
Four $1,500,000
Five $1,200,000
Six $900,000
Seven $500,000
Eight $200,000
(d) The first payment under Subsection (c) is due not later than 24 months before the date the entity first supplies carbon dioxide captured by the project to an enhanced oil recovery project.