The Department of Economic Development has opened a licensing round to select suitably qualified applicants interested in potential hydrocarbon exploration in the Island’s waters.
The Island’s licensing round coincides with the UK 30th round, which includes the Irish Sea area, allowing exploration teams to take a holistic view of the potential of the region. The licensing round will close on Sunday 10th December 2017.
Lawrie Hooper MHK, Department Member with responsibility for Energy Policy, commented:
‘It is my pleasure to announce this important step forward in the Department’s efforts to maximise the social and economic value of the Island’s territorial seabed, which is one of the commitments made in the Programme for Government.
‘The subsurface of the seabed is an amazing natural resource which if harnessed could generate a significant source of revenue and help to further diversify the economy.’
The Department’s technical advisors, British Geological Survey (BGS), have a data room available for interested parties to view Isle of Man seismic data at their offices in Edinburgh.
Darren Jones, Petroleum Geologist with the BGS, commented:
‘The opening of the Isle of Man licensing round represents a great opportunity for developers. This acreage has not been looked at for more than 20 years, when gas was identified but not extracted.
‘Since then, there have been huge technological advances that mean any hydrocarbons in Isle of Man territorial seas may now be economically viable to extract.’
Parties interested in submitting an application for acreage should contact Dave Roberts, the Department’s Development Manager for Infrastructure, to request an application pack: email email@example.com or telephone (01624) 687184.