Works reveals 'significant volume of legislation' needs to be implemented
Work to determine whether the Island has the right laws in place to allow companies to extract fossil fuels from the seabed has so far cost government more than £150,000.
Analysis has been taking place to determine if the Island's regulatory framework for territorial seas hydrocarbon licences is appropriately robust, and to identify gaps in existing legislation.
In response to a Tynwald written question, from Douglas Central MHK Chris Thomas, Chief Minister Alfred Cannan confirmed the results of this work show there is a significant volume of legislation that needs to be implemented.
Mr Cannan says departments are currently working to fully assess the scope of this and to establish whether sufficient vires exist for this legislation.
The cost of this analysis to date is £153,733 which has been entirely funded by government with no private contribution.
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