Deputy Speaker, as I rise to speak on this Bill, members from this side of the House will undoubtedly question why I am speaking on this Bill when I was not part of the deliberations concerning it. That is a very legitimate concern, but the real question is: Why wasn't the Portfolio Committee on Energy, of which I am a member, consulted with on this Bill, as it concerns the oil and gas industry, which very much falls under our jurisdiction? [Applause.]
A few weeks ago, the Portfolio Committee on Energy held a stakeholders' meeting on the oil and gas industry where major concerns over this Bill were highlighted. It was stated at this meeting that legislation concerning the oil and gas industry needed to be separated from that dealing with traditional mining operations. It must be understood the oil and gas industry is a nascent industry that has not even yet got off the ground. The passing of this legislation will, quite frankly, ensure that this industry never gets off the ground in South Africa, as investors will not commit billions of rand into exploration when the outright threat of nationalisation looms over their heads.
The ANC can jump up and down as much as it wants, but it cannot force companies to invest, and all the benefits that this industry might have added in terms of job creation and much-needed government revenue will simply not materialise. I am certainly all for this country receiving a fair share of the revenue from our mineral wealth, but that wealth needs to be exploited in the first place. You cannot nationalise, Minister, what isn't even there yet. How can any company be asked to invest billions of rand into exploring for oil and gas when this Bill implicitly states that 100% of its assets can, effectively, be taken away from it when the Minister sees fit?
This is absolutely ludicrous and reminds me of when I went on a study tour to Venezuela, and I asked the parliament there as to what its policy on nationalisation was. They simply said to me that it is at the discretion of the President as to what gets nationalised. It seems that South Africa is now also determined to waive the rule of law and replace it with a system where the ANC has the discretion to take over business as it sees fit.
The ANC should just be honest about it, as you clearly do not want an oil and gas industry in South Africa. You also want a situation whereby you can allocate mining licenses to your own friends, as opposed to a rigid system that is not open to corruption and where the company that can deliver the best return for the country is given a license. Out goes the rule of law, and in comes the rule of President Zuma's ANC. [Interjections.]
The people have a chance to change this on 7 May, and I hope they choose a party that is serious about growing this economy and creating jobs. Once again, the ANC has proven that they are certainly not that party. I thank you. [Applause.]