Middle MHK Stu Peters has tabled an urgent question on Crogga in the House of Keys next week.

He will ask Infrastructure Minister Michell Haywood whether the energy firm’s operating licence has now expired, whether there is any intention to renew it, and if not would that mean that the Isle of Man can never establish whether it owns a commercial gas field in its territorial waters.

MHKs this week rejected a call for an urgent debate on plans by Crogga to drill for gas in Manx waters.

It comes after chief executive Richard Hubbard wrote to all Tynwald members warning that the company’s licence was due to expire on Friday.

He said that unless there was movement from the Department of Infrastructure on a number of key points then the board did not see a way forward for the project.

‘If Crogga cannot proceed, the island will have lost the opportunity to explore a very valuable potential asset in its territorial waters,’ said Mr Hubbard.

Onchan MHK Julie Edge’s motion on a ‘matter of urgent public importance’ called on the House of Keys to be of the opinion that DoI should put in place all necessary arrangements to support the fulfilment of the licence with Crogga.

But it was defeated by 15 votes to eight and the motion was not debated.

Crogga estimates sales of 660 billion cubic feet of natural gas from the Crogga field off the coast of Maughold over the 19-year life of the field.

It says this could generate £2.8bn in revenues and royalties for the Treasury and create net income of £2.5bn for shareholders.

Mr Hubbard told Tynwald members that the company had been pressing the DoI for up to date oil and gas regulations for almost seven years but to no avail.