asked the Minister for Energy the dates on which Bula Resources Limited relinquished their interests in exploration licences because of their inability to meet their financial obligations therein, the identification of the blocks concerned and the names of the companies that have been awarded those interests and the dates on which those transactions were completed.
Ceisteanna—Questions. Oral Answers. - Bula Resources Exploration Licences.
14.
As I indicated in reply to an earlier question by the Deputy on 31 October last, I consider that it would be inappropriate for me to discuss matters of a confidential-commercial nature in relation to any specific company. Where reallocation of participating interests in a licence may be proposed, disclosure of information would not, in my view, be justified until such time as formal documentation has been submitted to my Department and the transfer of interests definitively executed. The reason for this is that we cannot be sure, until the formal documentation is submitted, that alternative arrangements will not be adopted by the parties concerned. In any case when matters have been brought to a conclusion, I will be glad to provide information to the House.
Could the Minister let me know when Bula Resources Limited relinquished their interests and why is there such a long delay in reallocating them? There seems to be an awful lot of secrecy surrounding this matter and this is my second attempt at trying to extract information in regard to this sad sorry situation.
It is not my intention to withhold any information from the Deputy and I can understand his reasons for asking the question. However, I said that it would not be good commercial confidential practice to make facts known to the House until formal documentation has been submitted to my Department and arrangements finalised. That has not happened to date and, until it does, I will not be in a position to make any further information available. I assure the Deputy that I hold no brief to withhold information and, as soon as formal documentation has been received in my Department, the Deputy will have ample information made available to him.
Could the Minister confirm that Bula Resources Limited will be relinquishing their interests in the various wells? Does the Minister agree that, if they relinquish them, it is because of their inability to meet their financial commitments? Could he give any explanation for giving out four more majority interests in blocks to the same company who failed to meet their liabilities in regard to existing blocks? Does the Minister think it appropriate that the Government and he should be in the position of improving a balance sheet for the private sector so that they can dispose of it. I do not think that that is the way to dispose of our natural resources. The Minister should clear the air once and for all.
There is no secrecy surrounding the allocation of the third licensing round and the Deputy, as an experienced businessman, is well aware of confidentiality in commercial negotiations. As soon as formal documentation is submitted to my Department and has been ratified by them, the information will be made available.
I am calling Question No. 15.
The second part of the question was the most important. I want to know if Bula failed to meet their financial obligations and if that is why they had to give them up. I also want to know why they should be given more blocks as they failed in the original ones. May the Minister reply, please?
I am calling Question No. 15.
(Interruptions.)
We ask priority questions for a specific reason and the Minister was about to answer when you called Question No. 15.
I paused and there was no move to answer.
Is the Minister prepared to answer now?
I have explained this matter to the Deputy and I should not like him to end his questioning on the basis of suspicion. I have made it quite clear that as soon as formal ratification——
(Interruptions.)
Answer the question.
As a former Minister for Energy, the Deputy should be aware of the fact that in the oil industry it is quite normal for changes to take place in regard to relinquishing interests in licences.
Because of financial obligations.
It may also be for commercial reasons.
I am calling the next question because I am not getting any co-operation.
(Interruptions.)
I do not accept the remark that I conduct my business behind closed doors.
The Deputy should conduct himself.
(Interruptions.)
As soon as the documentation is lodged I will send the Deputy a copy.
Question Time has concluded.
In view of the fact that Question No. 15 was not answered, I intend to raise it on the Adjournment next week as I presume I am late for tonight's Adjournment Debate.
You will have to make an application next week. However, I have just been informed by the Clerk that you are not late for tonight's Adjournment Debate so you may make an application now if you wish.
I should like to raise on the Adjournment the subject matter of Question No. 15.