Maurel & Prom has received a specific license it had applied for on 1 September 2023 from the U.S. Treasury Department’s Office of Foreign Assets Control ('OFAC') in relation to its 40% consolidated interest in the mixed company Petroregional del Lago ('PRDL'), which operates the Urdaneta Oeste field in Lake Maracaibo in Venezuela (the 'Specific License').
The Specific License granted on 3 May 2024 allows U.S. entities and banks to engage with M&P with regards to its activities in Venezuela, and as a result, M&P will be able to continue operating pursuant to the set of agreements signed with Petróleos de Venezuela, S.A. ('PdVSA') on 7 November 2023. The Specific License’s current term expires on 31 May 2026, and M&P expects it will be renewed.
Olivier de Langavant, Chief Executive Officer of M&P, said: 'This is excellent news for M&P, as it gives us clear visibility for the future. The Urdaneta Oeste field is a great asset with substantial potential, and this license will allow us to develop it in a planned and responsible manner.'
Source: Maurel & Prom
