Oil and Gas Sector

In reply to Mr VAN HOLST PELLEKAAN (Stuart) (20 November 2014). (First Session)

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy, Minister for Small Business):

The PEL 570 Joint Venture has been given variations of licence requirements in accord with legislation, as have been given to many other PEL holders. This has enabled PEL holders to cope with flooding and the availability of seismic crews to foster efficient investment via multiple PEL work programs. This enables efficient campaigns for seismic surveys (optimising mobilisation costs). Such logical, justified variations in work programs and licence suspensions sustain the state's good reputation for pragmatic regulation that fosters efficient investment while maintaining effective protection of social, natural and economic environments.

Both PELs 516 and 113 were afforded suspensions and variations of licence requirements during the Cooper Basin floods. Since then, one well has been drilled in PEL 113 (October 2013) whilst nine wells have been drilled within PEL 516 in the period May 2011 to March 2014. No new seismic data has been acquired in either of these licences during the corresponding period.