Oil and Gas Sector

Mr VAN HOLST PELLEKAAN (Stuart) (14:47): Final supplementary: can the minister advise the house whether any actual exploration work has been done on the other two petroleum exploration licences which were granted at the same time as PEL570?

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy, Minister for Small Business) (14:47): I will tell you what I will do: I will get a copy of all exploration licences that we have for the member. I think the opposition need to understand that a lot of companies bid for PELs and financial conditions change. Given that commodity prices are fluctuating now where we have the oil price dropping—and it probably has not hit its bottom mark—what do these questions say to potential investors in this state who are looking at taking out petroleum exploration leases? That the opposition will have very, very dim views about it. I have to say, I would have thought the Liberal Party would want to encourage risk and reward risk rather than be punitive in the way that they conduct themselves. So I would caution them of their tone and let them know that the investment community pays close attention to these types of questions.