Licensing round opens
Exploration for oil and gas in Manx waters takes a step forward today, as the process for interested companies to make bids, officially opens (September 11).
A hydrocarbon licensing round will see qualified firms contend for acreage in Isle of Man territorial seas.
Its launch coincides with the UK's 30th licensing round.
Fiscal terms governing payback to the Manx government, were outlined to applicants by the Department of Economic Development in March.
They cover acreage rental for a seabed exploration licence, which will mirror that charged in the UK, and royalty rates, linked to the profitability of any discoveries.
Royalities will be based on the Republic of Ireland model, ranging from a minimum five per cent to a maximum rate of 40 per cent.
The licencing round will be launched today at the DED by MHK Lawrie Hooper - the DED member with responsibility for clean tech, Director of Energy Policy Dr Ken Milne and Darren Jones, petroleum geologist with the British Geological Survey.