Maurel & Prom Updates on Venezuela Operations

On 13 February 2026, OFAC introduced General License 50, permitting certain operators to resume oil and gas activities in Venezuela. Maurel & Prom (M&P) is not on the list for this general license but is in discussions with authorities to secure authorization.

In the Urdaneta Oeste field, where M&P Iberoamerica holds a 40% interest, operations are progressing well. Production in January 2026 averaged 21,000 barrels per day, with 8,400 barrels per day net to M&P. The company is prepared to start the next redevelopment phase once regulatory conditions are met.

M&P welcomes Venezuela’s recent overhaul of its hydrocarbons regulations, aiming to boost production and promote investments. The company anticipates that a stable environment will benefit all stakeholders.