Energy

Energy policy and climate change are directly linked and require effective coordination across many branches of Government. To facilitate this, the Council of Minister’s Environment and Infrastructure Committee (EIC) was created.

The role of the EIC is to ensure the Isle of Man’s policy on energy is sustainable for future generations. The three key aims are to:

• Maintain the security of energy supply
• Secure the efficient use of affordable energy
• Minimise the impact of our energy use on the Environment

Much has been achieved in recent years to ensure we use our environment sustainably. IoM Government has invested in our energy infrastructure, our commercial sector and our social and housing sectors to reduce our dependency on imported energy and to improve our economic competitiveness and this remains an on-going process.

A Report by the Council of Ministers on the Strategy for Offshore Energy Production was published April 2014 to outline the strategy for Renewable Energy and Hydrocarbons.

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The Isle of Man Oil and Gas Sector

The Isle of Man is keen to develop industry within the oil and gas sector. Isle of Man territorial waters lie within a general 12 mile limit comprised of approximately 4000 square kilometres of sea bed and provide a rich environment of natural resources.

Ownership of all minerals and hydrocarbons located within Manx territory is vested in the Isle of Man Government and exploration or exploitation of the same is via the Government’s permission and agreement.

The Isle of Man Government approaches licensing exploration and exploitation similarly to that of the UK Innovate Licence. Minerals rights, including hydrocarbons, are owned by the Isle of Man Government.

• Independent non-UK jurisdiction
• Supportive Government
• Politically and economically stable
• Easy access to Government and decision makers
• Flexible approach to business and to management of natural assets
• Isle of Man based precision manufacturing sector

The Isle of Man Government is working with the British Geological Survey to present the Island’s hydrocarbons offer and plans to hold a licensing round for Manx waters to coincide with the UK’s 30th off-shore round during 2017.