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New rules for oil companies

The government says it's bringing in a new set of rules for companies who want to drill for oil in Manx waters.

This month, Tynwald will be asked to scrap regulations introduced in 1995 that set fees and royalties for oil licences.

The Department of Economic Development says it'll introduce an updated set of rules later this year.

It adds a new round of licenses will be issued in the near future and it'll need the new rules to make sure both companies and the Isle of Man get a fair deal.

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