Gas company claims Manx field worth £2.8 billion to taxpayer

A company which plans to drill for gas off the Island's coast says it could make £2.8 billion for the government and £2.5 billion for its shareholders.

Crogga issued a press statement after Onchan MHK Julie Edge asked a question for written answer in Tynwald to Chief Minister Alf Cannan about offshore oil and gas.

That question's not due to be answered until later this month, but the company says over a 19 year span the gas field could generate £5.3 billion.

The company has asked government to vary its licence to drill based on 2D surveys from taken almost 30 years ago rather than carrying out 3D surveys of its own.