Government exploring possibility of undersea gas reserves
The government hopes that Manx waters could become a new hub for undersea gas drilling.
It's conducting an investigation into the presence of hydrocarbons, assisted by technical advisers from the British Geological Survey.
If successful, licences could be awarded for operations to commence in the near future.
Petroleum Geoscientist Dr Margaret Stewart explained how it might work:

Substantial damaged caused by fire station blaze
‘No risk to public’ after fire at Castletown Fire Station
Not one affordable house available to buy
Election candidate reprimanded by Information Commissioners