Energy Resources
Oil
It is known that oil exists in the rock strata beneath the Solent, but the reserves are understood not to be commercially viable at the present time. Oil is vested in the Crown, and only those companies granted a licence through the Department of Trade and Industry have the right to carry out exploration and production. There are two systems of licensing for oil exploration: one for onshore, including 'bay closing areas' (such as the Solent and Southampton Water) and one for offshore.
In 1984, Shell UK Ltd was awarded a licence to search for oil and gas in the Solent. The company carried out seismic surveys and a series of environmental studies. They concluded that oil was not available in commercial quantities and the environmental constraints on exploration were too great. Two further licences have been issued in the western Solent to Brabant, and Elf Enterprise was granted licences to the west of the Isle of Wight. No progress has been made with these beyond seismic exploration and test drilling.
Renewables
There are currently no offshore wind, wave or tidal power farms around the Solent. This is predominantly due to the area's sheltered aspect not making this a commercial viability. In 2002, a 'Renewable Energy Strategy for the Isle of Wight to 2010' was published that included a feasibility study of adopting wind and tidal power on the Island.
Further information on renewable energy sources can be found on the British Wind Energy Association website.
In December 2007, The Crown Estate welcomed the launch by Energy Secretary, John Hutton MP, of a Strategic Environmental Assessment (SEA) of the seas surrounding the UK. This is the first step towards the delivery of a ‘third round’ of offshore wind generation. In early 2008, The Crown Estate will announce the competitive process and commercial terms for round three commercial scale offshore windfarm lease options.
