French oil company Maurel & Prom has had its licence to operate in Venezuela revoked by the United States as part of the its attempt to cripple Venezuela’s economy and put pressure on leader Nicolas Maduro.
The US Treasury department’s Office of foreign assets has revoked a special licence granted last May to Maurel et Prom (M&P) that allowed it to operate in Venezuela despite US sanctions, the company said Monday.
The company, which is majority-owned by the Indonesian government, has until 27 May to wind down its activities.
Venezuela announced Sunday that the US had revoked several transnational oil and gas companies' licences.
Spanish oil company Repsol said Monday it received notification its licence had been revoked, and Italy's Eni on Sunday said it had been notified by US authorities it would no longer be allowed to receive oil from Venezuela's state oil firm PDVSA as payment for gas it produces in Venezuela.
Trump targeting Maduro
Last week, US President Donald Trump issued an executive order imposing a 25 percent tariff on countries that buy Venezuelan oil or gas.
By cancelling licences and imposing tariffs, the US is hoping to squeeze Venezuela's oil exports and pressure the country’s leader Nicolas Maduro, whose re-election last year has been contested by the US and many other countries.
Trump unveils sweeping US tariffs on Canada, Mexico, China - EU next?
Trump has accused Maduro of failing to make progress on electoral reforms and migrant returns.
Venezuela's oil production, which exceeded three million barrels per day (bpd) 25 years ago, is currently producing about one million bpd.
Exceptions revoked
M&P is one of several companies that had been granted authorisation by the previous US administration to continue to source Venezuelan oil for refineries from Spain to India, despite US sanctions.
The company, which produces around 20,000 bpd in Venezuela was granted a licence for its interest in the mixed company Petroregional del Lago, which operates the Urdaneta Oeste field in Lake Maracaibo.
US oil giant Chevron was told last month that its licence to to operate in Venezuela and export crude oil to the US would be cancelled, with a deadline extended to 27 May.
(with Reuters, AFP)
