In the House of Keys on Tuesday Jason Moorhouse, MHK for Arbory, Castletown and Malew asked the Chief Minister what the government’s policy is on the extraction of natural gas from beneath the seabed.

Mr Cannan said: ’The government is committed to maintaining the security of energy supply at an affordable cost, whilst minimising the impact of energy use on the environment.

’In 2014, Tynwald approved the strategy for offshore energy production, which includes the development of hydrocarbon energy sources in our territorial sea.

’Earlier this month, the draft Island Plan was approved, reaffirming our commitment to actively consider and protect our energy security, and also identify clear and acceptable ways of transitioning to carbon neutrality and meet our Climate Change Plan objectives.

’Natural gas is the cleanest of the fossil fuels, with the lowest greenhouse gas emissions. The natural gas supply to the Isle of Man is the same mix of gas sources as in the UK gas network.’

He went on to explain that it is likely natural gas will have a role to play ’in the Isle of Man’s transition to a low carbon economy’.

Chair of the island’s Climate Change Transformation Board, Daphne Caine MHK asked Mr Cannan whether he had any data regarding the cost of processing any extracted natural gas.

The Chief Minister could not provide any figures at this time.

She also referenced the international Paris Agreement which the island recently signed on to, and asked if the cost for island residents to offset any potential emissions created would make the extraction unprofitable in the long run.

Mr Cannan stated that no decisions have yet been made, and that the Council of Ministers would have to consider a number of factors including this if they chose to go forward with any extraction.