The government receives around £1m a year from seabed cable and pipeline rentals, it has been revealed.

The revenue from the infrastructure is not related of offshore energy which could prove an even greater source of income.

Onchan MHK Julie Edge asked Chief Minister Alf Cannan what revenue is expected from current seabed licences, offshore wind and offshore gas and oil.

Mr Cannan said: ‘The Department of Infrastructure currently receives £946,010.65 + VAT per annum in respect of agreements for subsea cables and pipelines unrelated to offshore energy in Manx waters.

‘These agreements are generally subject to five-yearly rent reviews in line with any increase in inflation.’

Crogga Ltd estimates sales of 660 billion cubic feet of natural gas from the Crogga field off the coast of Maughold over its 19-year life which it says will generate £2.8 billion for the Treasury.

Mr Cannan said: ‘Crogga has recently stated there could be very substantial benefits to the Island’s exchequer from gas extraction under the Island’s seabed, but of course this can only be quantified when the exploratory-well exercise is completed and gas volumes and means of extraction can be fully assessed.

‘The revenue received from the current Crogga licence is £7,987 + VAT per annum.’