M&P Granted US Authorization to Operate in Venezuela

Maurel & Prom (M&P) has been included in the U.S. Department of the Treasury's OFAC General License 50A, effective 18 February 2026. This inclusion authorizes M&P to conduct oil and gas operations in Venezuela, a move seen as significant for the French company's strategic interests in the region.

General License 50A allows entities like M&P to engage in oil-related transactions with the Venezuelan government and Petróleos de Venezuela S.A. (PdVSA). Compliance with U.S. law is mandatory for contract amendments and payments to Venezuela.

M&P's CEO, Olivier de Langavant, emphasizes the importance of this development, stating it provides operational clarity and fosters growth in Venezuela's oil sector. The group is focusing on the Urdaneta Oeste field, where it holds a 40% interest through its subsidiary. Current production stands at 21,000 bopd, with 8,400 bopd netting to M&P.