French law to end E&P by 2040

France

PARIS, September 7, 2017 – Draft legislation presented on Wednesday could end oil E&P in France by 2040 as part of the country’s efforts to combat climate change, international media reported.

The move is widely seen as symbolic, as France produces just 1% of its oil needs.

The bill, which stipulates that no new exploration licences will be granted starting next year, would also allow the government to turn down more than 40 licence applications that have already been filed, Bloomberg reported. Some permits would nevertheless be extended, including Total’s Guyane Maritime licence offshore French Guiana, the report added.

“[This legislation] will allow investors to go much further in their renewable investments,” ecology minister Nicolas Hulot told the agency. “Currently, oil and gas leave us dependent on geopolitics.”

The bill comes after Hulot announced a plan in July to close coal-based power plants by 2022, raise oil and gas taxes and halt the sale of petrol- and diesel-powered cars by 2040.