The provisions that enable funds to be collected for the post-decommissioning also attracted some attention for being a new levy or tax. I do not consider it to be either of these. It will not be a blanket fee calculated using a generic formula; instead, I propose it is determined based on the assessment of risk. The committee did not recommend removing the requirement entirely, as some submitters suggested. In response to the submissions, the committee made amendments so that the companies that still exist in New Zealand may propose a financial security. Most petroleum permits and licences in New Zealand are held by limited liability subsidiaries. I do not expect these companies will exist years from now when problems around decommissioned wells and infrastructure may arise and potentially fall on the taxpayers of New Zealand, and so this is why we require either a cash payment or a financial security that can be used for any future post-decommissioning work. 