The French oil company holds a stake in the Urdaneta Oeste field in Lake Maracaibo and continues its well rehabilitation program.
Julio A. López, Editor-in-Chief.- French oil company Maurel & Prom (M&P) maintains its presence in Venezuela’s oil sector through its 40% stake in Petroregional del Lago. This joint venture operates the Urdaneta Oeste field in Lake Maracaibo.
In its first-half 2026 activity report, the company reported attributable oil production of 8,349 barrels per day in Venezuela. This figure reflects M&P’s economic interest in the field’s output, which reached approximately 22,500 barrels per day in gross production in July, according to the company.
M&P’s operations in Venezuela form part of its international portfolio, which also includes activities in Africa and Latin America. In Venezuela, the company focuses on restoring and sustaining production at the Urdaneta Oeste field through well interventions and rehabilitation.
During the first half of 2026, the company continued its well workover program and resumed crude oil sales after a U.S. license authorized certain oil operations. In June, M&P shipped approximately 500,000 barrels of crude and announced another shipment of nearly one million barrels for late July.
The company indicated that its 2026 work program primarily focuses on well rehabilitation ahead of a drilling campaign scheduled for 2027.
In February, M&P said its teams stood ready to begin a new phase of field development, provided an appropriate regulatory and commercial framework was in place. Subsequently, U.S. General License GL 50A, which authorities issued in February 2026, explicitly included the company among the entities authorized to conduct certain transactions involving oil and gas operations in Venezuela.
The company has not disclosed a specific amount of new investment exclusively allocated to its Venezuelan operations in the statements reviewed. Therefore, its rehabilitation and development programs should not be interpreted as a specific capital commitment.
Developments at Urdaneta Oeste provide a benchmark for assessing the potential of mature oil fields in western Venezuela and the work necessary to maintain or increase their production.
Maurel & Prom appears on the CEPEG 2026 program in Maracaibo as a participant in the oil operators’ panel scheduled for October 14.
