asked the Minister for Industry, Commerce and Energy the policy considerations which led to his recent announcement concerning changes in conditions of oil exploration licences.

I did not announce any changes in offshore licensing terms nor are any changes currently contemplated. The point I made was, in fact, that suggestions for changes in the licensing terms would not be justified.

I pointed out that the licensing terms adopted in 1975 specifically provided for flexibility so that development on an economically viable basis of even very marginal offshore fields could be encouraged.

On a point of order, I cannot understand what the Minister of State is saying, he is reading so fast. Would the Minister slow down a bit and we might be able to understand what he is saying?

The Minister does not understand it himself.

I understand the difference between the Deputy's ballot box and my ballot box.

The present indications are that our best prospects for commercial discoveries may lie in deep-water areas where development would, for obvious reasons, be much more costly than in shallower inshore waters. I consider it is important to assure licensees that the Government would be prepared to cooperate with them in facilitating the development of any offshore deposit which gave prospects for commercial production.