French Oil Company Faces License Revocation in Venezuela

In a significant development, the United States Treasury Department's Office of Foreign Assets Control (OFAC) has revoked the license of French oil company Etablissements Maurel et Prom S.A., commonly known as M&P, to operate in Venezuela, effective May 27.

M&P's Response and Ongoing Consultations

"M&P is currently assessing the implications of this decision in close consultation with its legal advisors," the company stated. The group remains in active dialogue with US authorities and is closely monitoring the evolving situation. This action is understood to be part of a broader OFAC initiative affecting both US and international oil companies operating in Venezuela under similar authorizations.

Venezuela's Stance on the US Decision

Following the US's move to revoke licenses of foreign oil companies in Venezuela, the Venezuelan government has dismissed the decision as illegal. Caracas has expressed its readiness to continue cooperation with the affected firms, signaling a complex geopolitical and economic landscape ahead.