Finance
France's finance minister calls draft law on oil and gas exploration in overseas territories 'anachronistic'
Published by Global Banking and Finance Review
Posted on January 29, 2026
2 min readLast updated: January 29, 2026
Home > Finance > France's finance minister calls draft law on oil and gas exploration in overseas territories 'anachronistic'
Quick Summary
France's finance minister opposes a draft law for offshore oil exploration, citing climate commitments and energy security concerns.
French Finance Minister Critiques Draft Law on Offshore Oil Exploration
Debate on Offshore Oil and Gas Exploration
By America Hernandez
France's Energy Policy
PARIS, Jan 29 (Reuters) - French Finance Minister Roland Lescure called a draft law proposing to allow offshore oil and gas exploration in its overseas territories "anachronistic" during a debate in the country's Senate on Thursday.
Local Interest in Oil Discoveries
In a world first, France banned new oil and gas exploration and production licenses in 2017, hoping other nations would follow suit. But energy security fears following the loss of Russian gas, along with worries over increased reliance on U.S. liquefied natural gas have led senators to reconsider developing domestic resources.
Impact on Climate Commitments
"The government is not favourable to this proposal ... If we start drilling now, France will lose all international credibility regarding its climate commitments," said Lescure, whose portfolio includes energy.
France produces onshore oil, mostly in the Paris region, which covers just 1% of its annual consumption and must cease by 2040 under current laws.
Recent major discoveries in independent Guyana and Suriname — neighbours of French Guiana in South America — have reignited local interest in potential oil and gas findings.
(Reporting by America Hernandez; Editing by Louise Rasmussen and Joe Bavier)
Key Takeaways
- •France's finance minister opposes offshore oil exploration law.
- •The proposal could harm France's climate commitments.
- •France banned new oil and gas exploration in 2017.
- •Recent discoveries in Guyana and Suriname spark interest.
- •Energy security concerns prompt reconsideration of domestic resources.
Frequently Asked Questions about France's finance minister calls draft law on oil and gas exploration in overseas territories 'anachronistic'
1What is offshore oil exploration?
Offshore oil exploration involves searching for oil and gas reserves beneath the ocean floor, typically using drilling techniques to assess the potential for extraction.
2What are climate commitments?
Climate commitments are pledges made by countries to reduce greenhouse gas emissions and combat climate change, often outlined in international agreements like the Paris Accord.
3What is energy security?
Energy security refers to the uninterrupted availability of energy sources at an affordable price, ensuring that a country can meet its energy needs without excessive reliance on external sources.
4What is sustainability in finance?
Sustainability in finance refers to investment practices that consider environmental, social, and governance (ESG) factors, aiming to generate long-term financial returns while promoting positive societal impact.
5What is the significance of oil discoveries?
Oil discoveries can significantly impact a country's economy by increasing energy production, creating jobs, and potentially reducing reliance on foreign energy sources.
