U.S. Revokes Licenses for French Oil Company Maurel & Prom in Venezuela
The U.S. government has ended licenses for several international oil companies operating in Venezuela amid heightened tensions with Caracas.
The U.S. government has revoked the operating licenses for the French oil company Maurel & Prom within Venezuela, a decision announced on March 31, 2025. This action is part of a broader strategy by Washington to economically constrain Venezuela and push for regime change under President Nicolás Maduro.
The revocation is described as part of a series of sanctions targeting international oil and gas companies that have continued operations in the country despite ongoing U.S. sanctions and an embargo aimed at removing Maduro from power.
The licenses, previously issued to various major oil companies, were intended to allow them to continue their activities in Venezuela notwithstanding the sanctions.
Alongside Maurel & Prom, the Italian company Eni and the Indian firm Reliance Industries are also expected to be affected by the recent license revocations.
These companies contributed significantly to Venezuela's oil production, with Maurel & Prom reportedly producing around 20,000 barrels of oil per day.
In addition to the license revocations, former President Donald Trump has threatened to impose a 25% tariff on any country that continues to purchase Venezuelan oil.
This escalation follows the recent withdrawal of Chevron's license, which had been originally granted by succeeding President Joe Biden.
Caracas has reacted strongly, with Vice President Delcy Rodriguez stating that the government has maintained communication with international oil companies operating in Venezuela regarding the changes.
She emphasized that Venezuela is prepared to continue honoring contracts within its constitutional and legal framework, asserting that no foreign government could dictate terms to them regarding operation licenses.
The U.S. administration does not recognize Maduro’s presidency, which was contested in the July 2024 elections amid accusations of fraud from opposition parties.
Venezuela possesses the largest oil reserves globally, but production has plummeted from a peak of 3.5 million barrels per day in the early 2000s to around one million barrels per day currently, primarily due to mismanagement, corruption, and external sanctions.
The country’s economy has contracted drastically, with GDP shrinking by 80% from 2014 to 2021 as oil prices and production levels have fallen sharply.
The current geopolitical climate surrounding Venezuela’s oil industry is highly charged, with heightened scrutiny from the U.S. government signaling a renewed focus on intervention in the region's oil markets.
The revocation is described as part of a series of sanctions targeting international oil and gas companies that have continued operations in the country despite ongoing U.S. sanctions and an embargo aimed at removing Maduro from power.
The licenses, previously issued to various major oil companies, were intended to allow them to continue their activities in Venezuela notwithstanding the sanctions.
Alongside Maurel & Prom, the Italian company Eni and the Indian firm Reliance Industries are also expected to be affected by the recent license revocations.
These companies contributed significantly to Venezuela's oil production, with Maurel & Prom reportedly producing around 20,000 barrels of oil per day.
In addition to the license revocations, former President Donald Trump has threatened to impose a 25% tariff on any country that continues to purchase Venezuelan oil.
This escalation follows the recent withdrawal of Chevron's license, which had been originally granted by succeeding President Joe Biden.
Caracas has reacted strongly, with Vice President Delcy Rodriguez stating that the government has maintained communication with international oil companies operating in Venezuela regarding the changes.
She emphasized that Venezuela is prepared to continue honoring contracts within its constitutional and legal framework, asserting that no foreign government could dictate terms to them regarding operation licenses.
The U.S. administration does not recognize Maduro’s presidency, which was contested in the July 2024 elections amid accusations of fraud from opposition parties.
Venezuela possesses the largest oil reserves globally, but production has plummeted from a peak of 3.5 million barrels per day in the early 2000s to around one million barrels per day currently, primarily due to mismanagement, corruption, and external sanctions.
The country’s economy has contracted drastically, with GDP shrinking by 80% from 2014 to 2021 as oil prices and production levels have fallen sharply.
The current geopolitical climate surrounding Venezuela’s oil industry is highly charged, with heightened scrutiny from the U.S. government signaling a renewed focus on intervention in the region's oil markets.
