ByTsvetana Paraskova– Mar 31, 2025, 6:30 AM CDT
The U.S. Treasury has revoked a license for French oil firm Maurel & Prom to operate in Venezuela and is no longer allowing firms to receive oil from Venezuelan state oil firm PDVSA in lieu of payments, as the Trump Administration continues to tighten the screws on Venezuela’s oil industry and exports.
France-based Maurel & Prom (M&P) announced on Monday that it had received a notification from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) dated March 28, 2025, informing M&P that the specific license granted in May 2024 for its activities in Venezuela had been revoked.
‘;
document.write(write_html);
}
The Biden Administration had issued special licenses to several foreign firms, allowing them to import Venezuelan oil from joint ventures operated by companies including Maurel & Prom, Eni, and Repsol.
Maurel & Prom had a special license for its 40% consolidated interest in the mixed company Petroregional del Lago (PRDL), which operates the Urdaneta Oeste field in Lake Maracaibo in Venezuela.
As part of a plan to strip Venezuela of oil profits, the U.S. Treasury is now revoking these licenses.
In Maurel & Prom’s case, OFAC has issued a wind-down license until May 27, 2025, authorizing M&P to undertake transactions necessary to conclude operations previously covered under the now-revoked license.
“M&P is currently assessing the implications of this decision in close consultation with its legal advisors. The Group remains actively engaged with U.S. authorities and continues to monitor the situation as it develops,” the French company said.
Italy’s Eni, for its part, confirmed that its license allowing PDVSA to repay in oil for Eni’s gas production in Venezuela has also been revoked.
“Eni continues its transparent engagement with U.S. authorities on the matter to identify options for ensuring that non-sanctioned gas supplies, essential to the population, can be remunerated by PDVSA,” Eni said in a statement carried by Reuters.
At the end of February, U.S. President Donald Trump canceled a sanction waiver for Chevron that allowed the supermajor to return to Venezuela and become instrumental in the increase of its oil production.
In another escalation of the sanctions and trade policy against Venezuela, Trump threatened 25% tariffs in the U.S. on the goods of any country buying Venezuelan oil.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
Join the discussion | Back to homepage
