So New Zealand's petroleum regulatory regime is based on a principle where those who have benefited from the environmental activities bear the cost of any associated remediation and clean-up activities. However, this principle is currently only explicit in relation to the lifetime of a petroleum permit or licence. So what this bill does is it provides an explicit obligation on petroleum permit and licence holders to plug and abandon petroleum wells and decommission any infrastructure left in situ after production is ceased. There are no market incentives for petroleum permanent licence holders to factor this residual liability into their economic decision-making. So really, as the Minister did touch on before, one of the bigger challenges comes once the well has been abandoned because the likelihood of an abandoned well leaking increases with its age. Moreover, there's no guarantee that the company that drilled the now abandoned well will be still operating in New Zealand at that time. 