Maurel & Prom, a Venezuelan oil firm, says that teams are fully mobilised after the US issued key authorization.

Maurel & Prom has a team in Venezuela that is fully mobilised, and'ready for the next stages of development', said its chief executive on Thursday. This was after the U.S. - added the French oil producer?to a a list of companies authorized to increase operations in Venezuela.

M&P stopped exporting oil from Venezuela in the second quarter last year, after President Donald Trump suspended its license along with?other companies. The company had hoped to resume oil sales from 'the OPEC-member after U.S. troops captured and ousted President Nicolas Maduro early in January.

The company's shares jumped by 6% at the opening of Paris trading.

The group submitted a 'new licence application' to the U.S. Office of Foreign Assets Control (OFAC), in January, requesting a complete resumption of operations in Venezuela. It was initially not added to the list of companies covered under two general licences issued by OFAC last week. This included Chevron Shell Repsol and other firms that are partners with state oil company PDVSA. The U.S. Treasury Department added the French company on Wednesday to a list of companies covered by a general licence issued by OFAC.

In a Thursday statement, M&P's CEO Olivier de Langavant referred to the updated list.

He added, "This provides a stable framework for M&P’s activities in Venezuela."

M&P reported?last weekend that it had noted?a significant increase of identified reserves in Venezuela. Studies confirmed the potential in zones previously unproven. Reporting by Alessandro Parodi, Gdansk. Editing by Milla Nissi–Prussak

(source: Reuters)