French Oil Company Faces License Revocation in Venezuela

Etablissements Maurel et Prom S.A. (M&P), a prominent French oil company, has confirmed the revocation of its license to operate in Venezuela by the United States Treasury Department's Office of Foreign Assets Control (OFAC), effective May 27.

Assessing the Implications

M&P is currently evaluating the impact of this decision with its legal advisors. The company remains in active dialogue with US authorities and is closely monitoring developments. This action appears to be part of a broader OFAC initiative targeting both US and international oil companies operating in Venezuela under similar authorizations.

Venezuela's Response

The Venezuelan government has dismissed the US decision as illegal and expressed its willingness to continue cooperation with the affected firms. This development occurs amidst ongoing discussions between the US and Venezuela, signaling potential shifts in the sanctions landscape.