License Revocation Confirmed by French Oil Giant

Etablissements Maurel et Prom S.A., widely recognized as M&P, has officially acknowledged the revocation of its operational license in Venezuela by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), effective May 27.

Assessing the Implications

The company is currently evaluating the impact of this decision with its legal team, while maintaining active discussions with U.S. authorities. M&P interprets this action as part of a broader OFAC strategy targeting both U.S. and international oil companies operating in Venezuela under similar permits, amidst ongoing diplomatic negotiations.

Venezuela's Stance

Following the U.S. decision to revoke licenses for foreign oil companies in Venezuela, the Venezuelan government has labeled the move as unlawful, expressing its willingness to continue collaborations with affected firms.