French Oil Company Faces License Revocation in Venezuela

Etablissements Maurel et Prom S.A., widely recognized as M&P, has officially confirmed the revocation of its operational license in Venezuela by the United States Treasury Department's Office of Foreign Assets Control (OFAC), effective May 27. This move has stirred significant attention within the international oil sector.

M&P's Response and Ongoing Assessments

"M&P is currently evaluating the ramifications of this decision in close collaboration with its legal advisors," the company stated. It emphasized its active engagement with US authorities and its commitment to monitoring the evolving situation. The revocation appears to be part of a broader OFAC strategy affecting both US and international oil companies operating in Venezuela under similar authorizations.

Venezuela's Stance on the License Revocation

Following the US's decision, Venezuela has labeled the action as illegal and expressed its willingness to continue cooperation with the affected firms. This development comes amid ongoing discussions between the US and Venezuela, highlighting the complex dynamics of international oil trade and diplomacy.