Crogga estimates revenues in excess of £5 billion if Isle of Man taps into gas field

Prompted after backbench MHK submits written question to chief minister

Crogga is forecasting that the Isle of Man could see gross revenues of £5.3 billion if a gas field off the coast of Maughold is developed.

Data from a 1996 2D seismic survey estimates the field contains around one trillion cubic feet (Tcf) of natural gas, equivalent to approximately one quadrillion British thermal units.

The energy firm has released this prediction in anticipation of a written Tynwald question from Onchan MHK Julie Edge.

She is asking the chief minister about the expected revenue from current seabed licences, offshore wind, and offshore gas and oil, and whether economic impact assessments of these licensing agreements and forecasts will be published through to 2035.

The Department of Infrastructure is currently reviewing Crogga's licence variation application, which would allow the company to drill an appraisal well before completing 3D seismic surveys.

However, to drill the appraisal well, Crogga estimates it will need to raise £32.5 million, a third of which it expects will come from Manx residents.

Last year, Crogga was forced to return funds provided by investors due to the lack of drilling regulations from the government.

Chief Executive Richard Hubbard claims: "The gas field will play a constructive and important role in the energy transition to net-zero."