March 31 (Reuters) - The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has revoked Maurel et Prom's (MAUP.PA) , opens new tab specific licence for its activities in Venezuela, the French oil group said on Monday.

Last week, U.S. President Donald Trump issued an executive order declaring that any country buying oil or gas from Venezuela will pay a 25% tariff on trades with the United States.

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In recent years, former President Joe Biden's administration had granted authorisations to individual companies to secure Venezuelan oil for refineries from Spain to India as exceptions to the U.S. sanction regime on the South American country.

In May 2024, M&P was granted a specific license from the office for its 40% consolidated interest in the mixed company Petroregional del Lago, which operates the Urdaneta Oeste field in Lake Maracaibo in Venezuela.

The notification of the revocation received by M&P, which is majority-owned by the Government of Indonesia, was dated March 28 and included a wind-down period until May 27, the company said.

"M&P is currently assessing the implications of this decision in close consultation with its legal advisors," it said in a press release.

https://www.reuters.com/markets/commodities/us-revokes-french-oil-group-mps-specific-licence-activities-venezuela-2025-03-31/