Environmental regulations are rapidly changing, in all parts of the world. The paper reviews main changes which occurred during these last two years, which impact the exploration & production (E&P) industry. While UNEP Regional seas conventions slow down (at least with regard to the E&P industry), other conventions made significant progress: the Kyoto Protocol and the 1996 Protocol of the London Convention on Dumping (LC72) are now in force, the OSPAR Commission has adopted three new Recommendations in 2006, the European Union is in the process to adopt a Directive on Marine Environment, and has launched the debate on a Maritime Policy, not to mention the numerous regulations which have popped up in other parts of the world. Finally, rather than any major breakthrough, there has been but a continuous reinforcement of measures, worldwide, with an increased focus on emissions to air and to biological diversity. Even if there are a few examples where regulations softened to better take into account reality, licences to operate have never been more threatened than today, and will increase should the industry fails to demonst

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