French Oil Giant Faces Setback in Venezuela

In a significant development, Etablissements Maurel et Prom S.A., known as M&P, has confirmed the revocation of its license to operate in Venezuela by the US Treasury Department's Office of Foreign Assets Control (OFAC), effective May 27.

Assessing the Impact

"M&P is currently assessing the implications of this decision in close consultation with its legal advisors. The Group remains actively engaged with US authorities and continues to monitor the situation as it develops," the company stated. This move is understood as part of a broader OFAC initiative affecting both US and international oil companies in Venezuela, amidst ongoing diplomatic tensions.

Venezuela's Stance

Following the US's decision, Venezuela has dismissed the revocation as illegal, expressing readiness to continue cooperation with affected firms. This situation underscores the complex interplay of international relations and global oil markets.