Maurel & Prom's hopes of resumption in Venezuelan oil sales boosted by easing of sanctions

Core Viewpoint - Maurel & Prom is optimistic about resuming Venezuelan oil exports following the recent easing of U.S. sanctions on the country's energy sector, marking a significant shift in the regulatory environment [1] Group 1: Sanctions and Regulatory Changes - The U.S. government issued two general licenses allowing major energy companies to operate in Venezuela, representing the most substantial easing of sanctions since the removal of President Nicolas Maduro [1] - Maurel & Prom described the easing of sanctions as a "constructive step," although it was not included in the list of companies covered by the new licenses [1] Group 2: Company Operations and Performance - The company has been unable to export Venezuelan oil since Q2 of the previous year due to the suspension of its license by the Trump administration [1] - Maurel & Prom submitted a new license application to the U.S. Office of Foreign Assets Control (OFAC) in early January, seeking full resumption of operations in Venezuela [1] - The company reported a significant increase in identified reserves in Venezuela, with studies confirming the potential of previously unproven zones [1] Group 3: Production Details - In the Urdaneta Oeste field, where Maurel & Prom holds a 40% working interest, gross production averaged about 21,000 barrels of oil per day in January, resulting in a net output of 8,400 barrels per day for M&P Iberoamerica [1]