In an exciting development, Etablissements Maurel & Prom S.A. (M&P) has obtained a specific license from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) for its operations in Venezuela. This license, granted on May 3, 2024, allows M&P to engage with U.S. entities and banks regarding its activities in the country. With this approval, M&P can continue operating the Urdaneta Oeste field in Lake Maracaibo through its 40% consolidated interest in Petroregional del Lago (PRDL).
The Specific License gives M&P clear visibility for the future, allowing the company to develop the Urdaneta Oeste field responsibly. Olivier de Langavant, CEO of M&P, expressed his delight with the news, recognizing the substantial potential of the Urdaneta Oeste field and the opportunities it presents.
M&P’s agreement with Petróleos de Venezuela, S.A. (PDVSA), signed on November 7, 2023, laid the foundation for their continued operations in Venezuela. The Specific License, valid until May 31, 2026, is expected to be renewed when it expires. This renewed approval will further cement M&P’s commitment to contributing to the energy sector in Venezuela.
It is important to note that forecasts in this document contain risks and uncertainties, as they are based on future events that may or may not occur. M&P acknowledges the potential fluctuations in crude oil prices, changes in exchange rates, uncertainties in valuation, operational challenges, and political factors that may impact their operations.
For more information on Maurel & Prom, including their financial position and business strategy, visit their official website at www.maureletprom.fr/en/.
Maurel & Prom is publicly traded on Euronext Paris under the symbols MAU.FP (Bloomberg) and MAUP.PA (Reuters). Investors and shareholders can contact their press, shareholder, and investor relations department at +33 (0)1 53 83 16 45 or via email at [email protected]. Financial communications, investor relations, and media inquiries can be directed to NewCap at +33 (0)1 44 71 98 53 or [email protected].
Source: Business Wire
Maurel & Prom, a French oil company, has received approval from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to continue its operations in Venezuela. This approval, granted on May 3, 2024, gives Maurel & Prom a specific license to engage with U.S. entities and banks regarding its activities in the country. This is a significant development for the company as it allows them to continue operating the Urdaneta Oeste field in Lake Maracaibo through their subsidiary Petroregional del Lago (PRDL), in which Maurel & Prom holds a 40% consolidated interest.
The approval of the Specific License provides Maurel & Prom with clear visibility for the future, enabling the company to responsibly develop the Urdaneta Oeste field. The CEO of Maurel & Prom, Olivier de Langavant, expressed his delight with the news, highlighting the substantial potential of the Urdaneta Oeste field and the opportunities it presents.
The agreement between Maurel & Prom and Petróleos de Venezuela, S.A. (PDVSA) in November 2023 laid the foundation for the company’s continued operations in Venezuela. The Specific License is valid until May 31, 2026 and is expected to be renewed when it expires, further solidifying Maurel & Prom’s commitment to the energy sector in Venezuela.
However, there are challenges and uncertainties associated with operating in Venezuela. Fluctuations in crude oil prices, changes in exchange rates, valuation uncertainties, operational challenges, and political factors may impact Maurel & Prom’s operations. It is important to note that the forecasts in this document are subject to these risks and uncertainties and are based on future events that may or may not occur.
Overall, Maurel & Prom’s approval to continue operations in Venezuela provides them with the opportunity to contribute to the energy sector in the country. However, they will need to navigate the challenges and uncertainties associated with operating in Venezuela’s complex and volatile environment.
For more information on Maurel & Prom, including their financial position and business strategy, you can visit their official website at www.maureletprom.fr/en/.
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Source: Business Wire