French Oil Company Faces Setback in Venezuela

Etablissements Maurel et Prom S.A., widely recognized as M&P, has officially announced 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 consequences of this decision with its legal team. The company remains in active dialogue with US authorities and is closely monitoring developments," stated the company. This action is perceived as part of a wider OFAC strategy impacting both American and international oil firms in Venezuela, amidst ongoing diplomatic negotiations between the US and Venezuela.

Venezuela's Response

Following the US's move to revoke licenses for foreign oil companies in Venezuela, the Venezuelan government has dismissed the decision as unlawful and expressed its willingness to maintain cooperation with affected companies.