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Fiscal terms announced for Isle of Man licensing round
The Isle of Man Department of Economic Development has announced the fiscal terms for parties interested in the upcoming Isle of Man hydrocarbon licensing round, which will coincide with the UK 30th licensing round in summer 2017. Under the terms, acreage rental for an exploration licence will be the same as the UK, while the royalty rate will be the same as the Republic of Ireland model (5–40%)
Dr Ken Milne, Director of Energy Policy in the Department, comments: ‘We have reviewed fiscal terms used in several jurisdictions and believe the flexibility offered by the Republic of Ireland model is the most appropriate for the Isle of Man. The production royalty is linked to profitability of discoveries (minimum rate of 5% and maximum rate of 40%). The Department hopes that these terms will encourage more interest parties to consider the Isle of Man’s territorial waters and apply for the upcoming round in summer 2017.’