Published by Global Banking & Finance Review®
Posted on January 29, 2026
2 min readLast updated: January 29, 2026
France's finance minister opposes a draft law for offshore oil exploration, citing climate commitments and energy security concerns.
By America Hernandez
PARIS, Jan 29 (Reuters) - France's Senate overwhelmingly approved a proposal to allow oil and gas exploration in its overseas territories on Thursday, after a heated debate that pitted the country's decade-old climate commitments against growing concerns of energy sovereignty and security of supply.
The decision is a victory for lawmakers representing French Guiana — a South American territory to the east of Venezuela, sandwiched between Brazil and Suriname — who had pushed to re-examine domestic resources after huge resource discoveries were made in neighbouring waters in recent years.
"I would like to thank my colleagues who voted for this... and I regret that the government did not follow suit, perhaps more out of dogmatism than concern for the national interest ," said Senator Georges Patient, the bill's sponsor.
The draft law will now head to the national assembly, where it can still be amended.
In a world first, France banned new oil and gas exploration and production licenses in 2017, hoping other nations would follow suit to reduce global warming. But energy security fears in Europe following the loss of Russian gas, along with worries over increased reliance on U.S. liquefied natural gas, have led many to reconsider developing domestic resources.
French Finance Minister Roland Lescure called the draft law "anachronistic," warning that the country would lose credibility on the international stage if it walked back its own restrictions on producing fossil fuels.
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.
(Reporting by America Hernandez; Editing by Louise Rasmussen and Joe Bavier)
Offshore oil exploration involves searching for oil and gas reserves beneath the ocean floor, typically using drilling techniques to assess the potential for extraction.
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.
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.
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.
Oil discoveries can significantly impact a country's economy by increasing energy production, creating jobs, and potentially reducing reliance on foreign energy sources.
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