French oil company Etablissements Maurel et Prom S.A., better known as Maruel & Prom and M&P, confirmed on Monday that the United States Treasury Department Office of Foreign Assets Control (OFAC) revoked the licence given to the company to operate in Venezuela, effective May 27. “M&P is currently assessing the implications of this decision in close consultation with its legal advisors. The Group remains actively engaged with US authorities and continues to monitor the situation as it develops,” the enterprise’s statement read. “It is M&P’s understanding that this action is part of a broader initiative by OFAC affecting both US and international oil companies operating in Venezuela under similar authorisations, pending a possible agreement between the US and Venezuela as the situation continues to evolve.” The statement came after the US revoked the licenses of foreign oil companies operating in Venezuela. Caracas dismissed the decision as illegal and said it is ready to continue cooperating with those firms.