As international tensions bring energy supply security back into focus, an old question is resurfacing: could France tap into more of its own hydrocarbon resources? Off the coast of Saint-Pierre-et-Miquelon, a small French territory in the North Atlantic, the geology has already attracted the interest of oil companies. However, with uncertain potential, economic constraints, and a ban on new explorations, any possible exploitation remains highly hypothetical today. France imports the vast majority of the hydrocarbons it consumes, and this dependence becomes especially clear when geopolitical tensions disrupt major global routes for oil and gas. In this context, strategies for diversifying supply are gaining increasing importance in European energy policies. Canada appears as a particularly important partner for France. The country is among the world's major hydrocarbon producers, with resources mainly exploited in western Canada and off the Atlantic coast. Just a few kilometers from the Canadian territory of Newfoundland and Labrador lies Saint-Pierre-et-Miquelon, a small French territory. The waters surrounding it have long intrigued the oil industry. The archipelago is located near sedimentary basins in the North Atlantic where hydrocarbons have been searched for and, in some Canadian areas, exploited. The French economic zone associated with the archipelago covers approximately 12,400 km². Exploration campaigns have been conducted in the past to better understand the structure of the seabed. One notable example is the Bandol-1 drilling, carried out in 2001, which provided information on the local geology and sparked speculation about the possible presence of hydrocarbons. Estimates have suggested a gas potential in the area of 1 to 1.5 Tcf, or several tens of billions of cubic meters. However, these figures must be considered with caution: identifying a geological potential does not mean having proven reserves, nor even a deposit that could be profitably exploited. To move from potential to actual production, new studies and new drillings would be necessary. An exploitation that would first require new explorations. Even in the presence of hydrocarbons, the economic viability of an offshore project depends on many factors: the depth of the deposits, the characteristics of the rock, the recoverable volumes, the prices of oil or gas, and the cost of the necessary infrastructure. The maritime environment of the North Atlantic adds an additional difficulty. Exploiting a potential deposit off the coast of Saint-Pierre-et-Miquelon would require considerable investments as well as equipment adapted to demanding weather conditions. The proximity of the Canadian oil industry could constitute an advantage in terms of skills and regional infrastructure. But it would not be enough to guarantee the profitability of a French project. Before even considering the question of production, it would first be necessary to determine much more precisely what the subsurface actually contains. French law today closes the door. To these geological and economic uncertainties, there is mainly a legal obstacle. Since the 2017 law ending the search and exploitation of hydrocarbons, France has committed to a gradual exit from national oil and gas production. The legal framework provides for no longer granting new hydrocarbon exploration permits and plans to stop their exploitation by 2040, subject to certain specific situations provided for by law. This orientation is part of the French strategy to reduce the consumption of fossil fuels and greenhouse gas emissions. Restarting a real exploration campaign in Saint-Pierre-et-Miquelon would therefore require a change in policy and, depending on the methods chosen, an evolution of the legal framework.