Maurel & Prom Reports Surge in Venezuelan Oil Output and Reserves

Maurel & Prom's Venezuelan Operations

Jan 29 (Reuters) - French oil producer Maurel & Prom said on Thursday that production and identified reserves from its Venezuelan assets rose sharply last year and that it has applied for a new U.S. licence to fully resume operations in the country.

Working‑interest oil production on the Urdaneta Oeste field in Venezuela averaged 8,194 barrels per day in 2025, up 34% from 2024, the company said.

M&P has been unable to export Venezuelan oil since the second quarter of last year, when the administration of President Donald Trump suspended its license, along with other oil companies active in the country.

Production and Reserve Increases

The group adjusted its activities in Venezuela, limiting on‑site work to well interventions and maintenance while production continued normally, it said.

Challenges and Future Prospects

M&P confirmed it submitted a new licence application to OFAC in early January and said it "hopes for an early resumption of its operations, which will contribute to the redevelopment of the Venezuelan oil sector."

It also noted that geoscience studies this year drove a significant increase in identified reserves in the country, confirming the potential of zones previously considered unproven.

U.S. officials are working to issue a general license soon that would lift some sanctions on Venezuela's energy sector, sources familiar with the preparation said on Tuesday.

Financial Performance Overview

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

Consolidated revenue came in at $578 million, below the $674 million expected on average by four analysts polled by LSEG.

The average selling price of oil was $69.4 per barrel in 2025, down 14% year on year, the company said.

Maurel & Prom also recorded a $42 million impact from the restatement of lifting imbalances, an accounting adjustment linked to differences between equity ownership and actual crude liftings.

($1 = 0.8343 euros)

(Reporting by Alban Kacher; editing by Milla Nissi-Prussak and Matt Scuffham)