Maurel & Prom seeks OFAC license as Venezuelan reserves and output of Maurel & Prom increases.

Maurel & Prom, a French oil company, announced on Thursday that its Venezuelan assets' production and reserves were up sharply in the past year. It has also applied for a?U.S. Maurel & Prom, a French oil producer, announced on Thursday that production and reserves?from its Venezuelan assets?rose sharply last year?and that it has applied for a new 'U.S.

The company reported that the average daily production of working-interest oil on the Urdaneta Oeste in Venezuela will be 8,194 barrels in 2025. This is up 34% compared to 2024.

M&P is unable to export Venezuelan oil since the second quarter last year when the Trump administration suspended the license of the company, as well as other oil companies operating in the country.

It said that the?group has adjusted its activities to Venezuela by limiting work on site to well maintenance and interventions, while production continues?normally.

M&P confirmed that it had submitted a new license application to OFAC early in January and stated it "hoped for an early resume of its operations which will contribute towards the redevelopment the Venezuelan oil industry."

The report also stated that geoscience studies conducted this year led to a significant rise in reserves identified in the country. This confirms the potential of zones previously unproven.

Sources familiar with the preparations said that U.S. officials were working on issuing a general licence soon, which would lift certain sanctions against?Venezuela’s energy sector.

M&P reported ?weaker-than-expected full-year sales, as lower crude prices weighed.

The total revenue for the quarter was $578 millions, which is lower than the $674 expected by LSEG's four analysts.

According to the company, in 2025, oil will sell for an average price of $69.4 per barrel, a 14% drop from last year.

Maurel & Prom recorded a $42million impact due to the restatement lifting imbalances. This accounting adjustment is linked to differences in equity ownership and crude liftings. $1 = 0.8343 euro (Reporting and editing by Milla Nissi Prussak, Matt Scuffham).

(source: Reuters)