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 sent ripples through the international oil sector, raising questions about the future of foreign oil operations in Venezuela.

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. 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 initiative targeting both US and international oil companies operating under similar authorizations in Venezuela.

Venezuela's Stance on the US Decision

Venezuela has dismissed the US's action as illegal, expressing its readiness to continue cooperation with affected firms. This development comes amid ongoing tensions and discussions between the US and Venezuela, highlighting the complex interplay of international relations and the global oil industry.