Crogga Limited is a new energy transition company that fully supports the UN global campaign for the “Race To Zero” to rally leadership and support from businesses, cities, regions and investors for a healthy, resilient, zero carbon recovery that prevents future threats, creates decent jobs, and unlocks inclusive, sustainable growth. Crogga Limited is a ‘real economy’ actor joining the largest-ever alliance committed to achieving net zero carbon emissions by 2050 at the latest.
If the Crogga Field is as productive as envisioned, Crogga gas will provide energy independence and a significant step change to the size of the Isle of Man economy. Petroleum Production Tax revenues will be generated at no cost and at no financial risk to Isle of Man taxpayers. In addition, Crogga Limited has committed to cap gas prices at 80p/Therm for domestic gas sales to the Isle of Man. This will protect the Island community from further price shocks such as those seen earlier this year when gas prices exceeded £8/Therm and will bring early certainty to the Isle of Man’s important energy transition plans.
Manx natural gas production would have a smaller carbon footprint than the gas currently being imported. The Island would avoid greenhouse gas emissions created by LNG importation and leaks along transcontinental pipeline routes. Natural gas production can power an Isle of Man renewable energy hub and support offshore wind farm development in sequence with Manx gas field development.
“Natural gas is a reliable, affordable energy source which enables innovation. It acts as a bridging ingredient for green energy and the hydrogen revolution. It is a key tool in the fight against energy poverty and lack of energy security. Along with carbon capture and storage, it can transform the energy sector.” (International Energy Forum, 2021). Manx natural gas is the fuel to enable the transition to a zero-carbon economy in line with UNESCO Biosphere Isle of Man principles.