France to stop granting oil exploration licenses | Business| Economy and finance news from a German perspective | DW | 23.06.2017
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France to stop granting oil exploration licenses

The French government says it is going to stop granting new licenses for oil and gas exploration in France and its overseas territories, in a bid to fulfill one of President Emmanuel Macron's campaign pledges.

France is to stop granting new licences for oil and gas exploration on the mainland and in overseas territories, Environment Minister Nicolas Hulot said Friday.  

"There will be no new exploration licenses for hydrocarbons, we will pass the law this autumn," Hulot said on French news channel BFMTV.

President Emmanuel Macron said during his election campaign in February that he was opposed to exploration for gas and shale gas in mainland France.

Read: Emmanuel Macron, Europe's climate hero?

Macron even said he would like to see the exploitation of oil and gas halted altogether in France's overseas territories, especially in French Guiana on the northeastern coast of South America.

But Hulot, an environmental campaigner and former TV star before he joined the cabinet last month, said it would currently be impossible to take such a move without triggering lawsuits from energy companies.

Hulot also added that diesel and petrol taxation would remain unchanged in the near future.

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