Local Resources.
Private Investment, Public Value.
Evaluate Before Eliminate
Situated within the Isle of Man’s territorial waters lies a potentially significant gas discovery.
Establishing its size, commercial viability and environmental implications would allow an informed decision about its future.
The Local Opportunity
Technical studies indicate that a potentially significant natural gas resource may exist beneath the East Irish Sea in waters adjacent to the Isle of Man.
While the resource has not yet been appraised and remains unproven, available data suggests it is sufficiently prospective to justify further investigation.
The scale and value of the opportunity can only be determined through a licensed appraisal programme. Until then, decisions can only be based on assumptions rather than evidence.
Private Investment. Public Value
Private investment would fund the proposed assessment and development.
If a commercially viable resource were confirmed, the potential benefits to the Isle of Man could be substantial.
Depending on the size of the resource and future market conditions, government revenues could potentially reach billions of pounds over the life of the project.
Such revenues could support long-term investment in infrastructure, energy resilience and public services.
Equally, appraisal may demonstrate that no commercial development exists. Establishing the facts is therefore essential.
An Informed Choice, the right sequence
The proposed wind farm and gas opportunity occupy the same offshore area, making the order of development critical.
Developing the gas resource first could preserve the possibility of wind development at a later date. However, once the wind farm is installed, access to the underlying gas resource would be permanently prevented.
The question is therefore not simply “gas or wind”. It is whether the Island should understand the value of both opportunities before one is permanently removed.
Any assessment should compare the economic, environmental and energy security implications of each option to determine which offers the greatest long-term benefit to the Isle of Man
