Investment by non-EU residents in exploration, extracting and exploitation of hydrocarbons are subject to reciprocity according to the OECD Code of Liberalisaiton of Capital Movements. However, amendments to the Mining Code, in force from 1 January 2018, provide for the phasing out of the exploration for and exploitation of coal and all liquid or gaseous hydrocarbons. New concessions are no longer granted for the exploitation of hydrocarbons.
"Article L111-6
Creation of LAW n ° 2017-1839 of December 30, 2017 - art. 2
The exploration for and exploitation of coal and all liquid or gaseous hydrocarbons, regardless of the technique used, with the exception of mine gas defined in article L. 111-5, is being phased out. in order to bring about a definitive cessation of these activities, under the conditions and according to the procedures set out in this section.
[...]
Article L111-9
Version in force since January 01, 2018
Creation of LAW n ° 2017-1839 of December 30, 2017 - art. 2
The competent authority is no longer granted:
1 ° Exclusive research permit or authorization for preliminary prospecting with a view to research, including for experimental purposes, relating to one or more substances mentioned in the first paragraph of Article L. 111-6;
2 ° Concession with a view to the exploitation of these same substances, except in the case provided for in article L. 132-6;
3 ° Extension of a concession relating to these same substances for a period whose expiry date exceeds 1 January 2040.
The extension of an exclusive research permit relating to these same substances remains authorized in application of article L. 142 -1 and the second paragraph of article L. 142-2.[...]" (Mining Code, as amended by LAW n ° 2017-1839 of 30 December 2017, Articles L111-6 and Article L111-9 [google translation])
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"Annex E [...]
FRANCE
i) Establishment of non-resident investors originating in countries that are not members of the EU in the banking and financial services sector may be subject to reciprocity considerations;
ii) Establishment of insurance companies originating in countries that are not members of the EU may be subject to reciprocity considerations;
iii) Investment by non-EU residents in political and general information publications appearing at least once per month (other than those intended for foreign communities in France), audio-visual communication services, insurance brokerage; exploration, extracting and exploitation of hydrocarbons, waterfalls and the purchase of agricultural land adjacent to the Swiss border (under the terms of a bilateral agreement dated 31 August 1946), which is generally allowed only for enterprises originating in a country with which France has undertaken international commitments containing a clause of national assimilation or reciprocity.[...]" (OECD (2021), OECD Code of Liberalisation of Capital Movements, Paris)
Mining Code, as amended by LAW n ° 2017-1839 of 30 December 2017, Articles L111-6 and Article L111-9
OECD (2021), OECD Code of Liberalisation of Capital Movements, Paris.
[<a href="www.oecd.org/investment/codes.htm">Code</a>]