French Oil Company Faces Setback in Venezuela

Etablissements Maurel et Prom S.A., commonly known as M&P, has confirmed the revocation of its operational license in Venezuela by the US Treasury Department's Office of Foreign Assets Control (OFAC), effective May 27. This move is part of a broader strategy affecting international oil companies in the region.

Assessing the Impact

M&P is currently evaluating the implications of this decision with its legal advisors and remains in dialogue with US authorities. The company views this action as part of a larger initiative by OFAC, targeting both US and international firms operating under similar authorizations in Venezuela.

Venezuela's Response

The Venezuelan government has labeled the US decision as illegal, expressing its willingness to continue cooperation with affected companies. This development occurs amidst ongoing discussions between the US and Venezuela, signaling potential shifts in the geopolitical landscape affecting the oil sector.