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.
Why the Isle of Man for oil and gas?
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.