French Oil Company M&P Faces License Revocation in Venezuela

French oil company Etablissements Maurel et Prom S.A., commonly known as M&P, has confirmed that the United States Treasury Department's Office of Foreign Assets Control (OFAC) has revoked its license to operate in Venezuela, effective May 27. This move is part of a broader initiative affecting both US and international oil companies in the region.

Assessing the Implications

"M&P is currently assessing the implications of this decision in close consultation with its legal advisors," the company stated. It emphasized its ongoing engagement with US authorities and its commitment to monitoring the evolving situation. The revocation is seen as a step towards a potential agreement between the US and Venezuela.

Venezuela's Response

Venezuela has dismissed the US decision as illegal, expressing readiness to continue cooperation with affected firms. This development underscores the complex dynamics of international oil operations amidst geopolitical tensions.