French oil group Maurel & Prom announced that on 28 March it received an official notification from the United States Department of the Treasury informing the company of the revocation of the specific licence governing its activities in Venezuela since May 2024. The decision comes amid tightening economic sanctions targeting the government of President Nicolás Maduro, whose legitimacy has been challenged by Washington since his re-election in July 2024.
The initial licence had allowed Maurel & Prom to maintain certain operations despite the US oil embargo imposed on Caracas. The company has now been granted a transitional authorisation, valid until 27 May, to complete transactions initiated under the previous regime. No new operations will be permitted beyond this date without a new authorisation.
Wider measures against foreign companies
This revocation is part of a broader set of actions recently undertaken by US authorities targeting foreign companies operating in Venezuela’s hydrocarbon sector. Following Chevron’s revocation in February, several European companies, including Repsol and Maurel & Prom, were expected to face similar restrictions. Italian and Indian companies Eni and Reliance Industries are also expected to be affected by these measures.
Venezuelan Vice President Delcy Rodriguez responded by stating that international firms do not require licences issued by foreign governments to operate on national territory. She further indicated that the Venezuelan government remained willing to uphold contractual commitments within the country’s legal framework.
Immediate market reaction
Maurel & Prom produces approximately 20,000 barrels per day in Venezuela. The forced halt of its operations may impact its position in the market. On the Paris Stock Exchange, the group’s shares fell by 14.44% to €4.86 in morning trading, marking the steepest drop on the SBF 120 index.
