The EU Parliament recognizes the Member States' prerogative for the exploration and exploitation of hydrocarbon resources, but following the recent dramatic accidents concerning deep-sea oil drilling, it also recognizes the necessity to regulate them in a stricter and more effective way.

The EU Parliament stresses that each Member State's legislative and regulatory regime must ensure that all risks have been considered and controls implemented for each installation, including independent third-party verification procedures, and reviews at regular and appropriate intervals must be carried out by independent experts.

The Member States should apply the precautionary principle when issuing authorization for the exploration and exploitation of hydrocarbon resources and must ensure that a plan to face emergencies and sufficient financial reserve to refund possible environmental damages is in place.

For further information please visit the related European Parliament website page.