An oil and gas exploration licence has been awarded for part of the Isle of Man’s seabed.
Crogga – an island-based company set up by local residents with experience in the oil and gas sector – was awarded the licence following a bidding process from September – December of last year.
The Department of Infrastructure, Dep. of Environment, Food and Agriculture, and the Dep. For Enterprise were involved in assessing the bids, with help from legal and technical advisers, including the British Geological Survey.
Seismic surveys will be subject to approval by DEFA and consultation with other stakeholders.
The licensed seabed area is off the east coast of the island, covering 266 sq km.
BP discovered gas in the area in the 1990s,but it was not seen as attractive enough for commercial exploitation.
The DOI say the exploration “will promote economic growth at no cost to the Isle of Man Government.”
Published: 15-10-2018
