Over the objections of the government, French Senate approves a proposal to allow oil exploration in overseas territories

The French Senate approved by a large majority a proposal on Thursday to allow oil and gas exploration within its overseas territories. This followed a heated debate which pitted the country's decade old climate commitments with growing concerns about energy sovereignty and supply security. French Guiana, a South American territory located east of Venezuela and sandwiched between Brazil and Suriname, won the decision. They had been pushing to re-examine their domestic resources following recent discoveries of oil & gas in nearby waters.

"I'd like to thank my colleagues for voting for this... but I regret that the Government did not follow suit. Perhaps more out of a dogmatism rather than concern for national interest," said Senator Georges Patient.

The draft will be sent to the National Assembly, where it may still be modified.

France, in a first for the world, banned all new exploration and production permits of oil and gas in 2017. They hoped that other nations would follow their lead to help reduce global warming. Energy security concerns in Europe, following the loss of?Russian gas, as well as worries about increased dependence on U.S. liquid?natural gas have caused many to reconsider developing their own resources.

The French Finance Minister Roland Lescure branded the draft law as "anachronistic," and warned that the country would lose credibility if it lifted its own restrictions regarding the production of fossil fuels.

France's onshore oil production, mainly in the Paris area, accounts for just 1% its annual consumption. Current laws require that it cease production by 2040. (Reporting and editing by Louise Rasmussen, Joe Bavier and America Hernandez)

(source: Reuters)