A new company has come forward with proposals to develop a gas field in Manx waters - and believes it could generate £4bn in tax revenue.

Marque Oil and Gas is objecting to the plans for the Mooir Vannin offshore windfarm.

It has revealed it is seeking to obtain a licence to appraise a potentially large gas field in broadly the same area that Crogga had wanted to explore.

Marque is calling for a decision on the Mooir Vannin scheme to be deferred until valuations of both offshore wind and the gas field are fully considered.

In a response to the public consultation on Mooir Vannin Offshore Windfarm Ltd’s application for a marine infrastructure consent, Marque said: ‘We consider that the gas development will generate considerably more revenue to the Isle of Man government compared to the quoted value of £2bn for the windfarm over similar timeframes.’

A spokesman for the company said: ‘As with all oil and gas developments there is uncertainty due to a number of factors, including subsurface uncertainties and price volatility over the life of a 20-plus year project. However, we estimate [it would generate] in the region of £4bn tax revenue to the Isle of Man.’

They confirmed discussions had taken place with the Manx government.

Manx-based Crogga secured a licence in 2018 to carry out a 3D seismic survey and sink and exploratory well.

But this expired earlier this year after the company failed to reach agreement over the terms for another extension.

Marque said its proposals would be consistent with the island’s current net zero ambitions with the most likely development option being to pipe most of the gas to the UK where electricity generators connected to carbon capture and storage facilities would provide emission free electricity to the Isle of Man through a new interconnector.

And it added: ‘The opportunity to develop the gas offshore the Isle of Man is a now-or-never decision.’

It pointed out that key infrastructure pipelines and processing facilities in Morecambe Bay and Barrow that would required to transport the gas from the island are both currently expected to close around 2030 - but additional gas resources would enable the life of these to be extended.

Proposals by Mooir Vannin Offshore Wind Farm Limited, part of Ørsted, could see up to 87 wind turbines, with a maximum height to blade tip of up to 350m, installed off the north-east coast of the island.

Responses to the public consultation were published last month.

A total of 477 responses were submitted to the consultation which closed on November 18.

Among those who have objected to the plans is the Ministry of Defence.

It has expressed concerns that the offshore windfarm could result in ‘unacceptable and unmanageable’ interference on the surveillance radar used by BAE Warton aerodrome in Lancashire.

But the windfarm developer insists it can resolve issues raised by the MoD.

The Council of Ministers has now referred the application for examination to an independent panel of experts which will ultimately advise on whether a marine infrastructure consent should be granted.