(1) The general assembly declares that the purpose of this section is the protection of correlative rights, facilitation of Colorado's energy resources, and facilitation of the use of geologic storage resources for geologic storage operations. (2) As used in this section, unless the context otherwise requires: (a) "Geologic storage unit order" means an order that provides for the formation of a geologic storage unit and that is entered by the commission pursuant to subsection (4)(b) of this section. (b) "Plan" means a plan for geologic storage operations of the geologic storage unit approved by the commission pursuant to subsection (4)(c)(II) of this section. (3) An agreement for geologic storage or geologic storage operations, or for carrying on any other methods of unit or cooperative development or operation of a geologic storage resource, is authorized and may be performed, and, if the agreement is approved by the commission as being in the public interest or is reasonably necessary for geologic storage operations, does not violate any statutes relating to trusts, monopolies, or contracts and combinations in restraint of trade. (4) (a) Upon the application of any interested person, the commission shall hold a hearing to consider the need for a geologic storage unit. (b) The commission shall enter an order providing for the formation of a geologic storage unit if the commission finds that the geologic storage unit is reasonably necessary to effectuate a geologic storage project. The geologic storage unit area of a geologic storage unit must be based on site characterization and modeling conducted pursuant to the federal "Safe Drinking Water Act", 42 U.S.C. sec. 300f et seq., as amended, and any rules established by the commission pursuant to the federal act. (c) A geologic storage unit order must: (I) Include terms and conditions that are just and reasonable; (II) Establish a plan for operations of the geologic storage unit, which plan must include: (A) A description of the geologic storage unit area; (B) A description of the operations that will be conducted in the geologic storage unit area; (C) A determination of the percentage of each geologic storage resource allocated to each separately owned tract within the geologic storage unit area; (D) A description of the method by which each owner of a sequestration estate included in the geologic storage unit area will be allocated compensation related to the use of the sequestration estate; (E) A description of the manner in which the geologic storage unit area will be supervised and managed and, if applicable, how costs related to operations of the geologic storage unit will be allocated and paid; (F) The time when operations of the geologic storage unit will commence and the manner in which, and the circumstances under which, operations of the geologic storage unit will terminate; and (G) Any additional provisions that are found to be appropriate for conducting operations of the geologic storage unit and for the protection of correlative rights. (d) A geologic storage unit order is effective only if: (I) The plan has been approved in writing by those persons that, pursuant to the geologic storage unit order, collectively own at least seventy-five percent of the geologic storage resources included in the geologic storage unit area; and (II) The commission makes a finding in the geologic storage unit order that the plan has been approved in accordance with subsection (4)(d)(I) of this section. (5) A geologic storage unit order may be amended by an order made by the commission in the same manner and subject to the same conditions as the original geologic storage unit order. (6) Any owner of a sequestration estate included in the geologic storage unit area that is not included in the geologic storage unit order may petition the commission for inclusion in the geologic storage unit order. (7) Notwithstanding any provision of law to the contrary: (a) Nothing in this section confers on any person the right of eminent domain; and (b) A geologic storage unit order does not grant to any person the right of eminent domain. (8) Geologic storage operations conducted pursuant to a geologic storage unit order, including the commencement, drilling, or operation of a class VI injection well on any portion of the geologic storage unit area, constitute, for all purposes, geologic storage operations on each separately owned tract in the geologic storage unit area by the owners of sequestration estates included in the geologic storage unit area. (9) A geologic storage unit order must not be construed to result in a transfer of all or any part of the title of any person to the sequestration estate or associated rights in any tract in the geologic storage unit area.
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