The US has revoked the specific license of French oil company M&P for its activities in Venezuela

Maurel et Prom, a French oil company, announced on Monday that the Office of Foreign Assets Control of the U.S. Treasury Department has revoked its specific licence to operate in Venezuela.

Last week, U.S. president Donald Trump issued an order declaring any country that purchases oil or gas from Venezuela would pay a 25% duty on all trades with the United States.

Former President Joe Biden’s administration granted individual companies authorizations in recent years to procure Venezuelan oil from refineries located anywhere between Spain and India, as an exception to the U.S. sanctions regime against the South American nation.

M&P received a license in May 2024 from the office to operate the Urdaneta Oeste oil field on Lake Maracaibo, Venezuela. The mixed company Petroregional del Lago operates this field.

The company stated that the notification of the cancellation received by M&P - which is owned by the Government of Indonesia - was dated 28 March and included a period of wind-down until 27 May.

In a press statement, M&P said that it was assessing the consequences of this decision with its legal advisers. Reporting by Michal A. Aleksandrowicz, Gdansk. Editing by Jamie Freed & Milla N.

(source: Reuters)