France explores options for oil profit tax amid energy crunch

The French government is not ruling out the possibility of imposing a windfall tax on oil companies, as profits among major industry players are surging while energy prices rise.  

France's Government Spokesperson and Junior Minister for Energy and Digital Economy, Maud Bregeon, stressed that “no one should profit from the crisis,” Caliber.Az reports citing French media.

She said that Paris was not "closing the door" on any such initiative, whether on national or EU level, noting that those could, "when the time comes," be integrated into the 2027 budget bill.

Bregeon's remarks came in light of French oil and gas titan, TotalEnergies, announcing this week a 51% increase in its quarterly profit.

Her remarks were harsh, yet she stopped short of endorsing campaigns that would specifically target the company, as she described that as a form of “smearing."

The remarks come amid a parliamentary debate over a proposal from left-wing parties to introduce a special levy on so-called “exceptional crisis profits” earned by oil firms. The Socialist Party has already announced plans to submit a corresponding bill.

French authorities say they are continuing to assess possible measures but have yet to reach a final decision on whether to impose additional taxes on the sector.

By Nazrin Sadigova