French independent Maurel & Prom (M&P) has outlined key operational and strategic initiatives for 2025, focusing on restarting a field in Venezuela and launching a major drilling campaign in Tanzania.

Venezuela: Urdaneta Oeste Field Restart Application

M&P is seeking U.S. government approval to restart all activities at the Urdaneta Oeste field in Venezuela. Following the U.S. government's removal of Nicolas Maduro from the presidency, the company submitted a new licence application in early January to the Office of Foreign Assets Control (OFAC). Its previous OFAC licence expired in May 2025, after which on-site operations were limited to essential well interventions and maintenance. M&P's subsidiary holds a 40% stake in the Lake Maracaibo field, which is operated by PDVSA. The company reported a significant increase in its net reserves in Venezuela to 148 million barrels in 2025, up from 80 million barrels at the end of 2024, attributing this to geoscience studies that confirmed the potential of previously unproven zones. Net production also rose 34% year-on-year to 8,194 barrels per day.

Tanzania: Mnazi Bay Gas Field Development

The company is set to begin an $80 million development drilling and exploration campaign on the Mnazi Bay gas field in Tanzania in the first half of February, a slight delay from the original December plan. A Chinese-built rig has been mobilized for a three-well programme. This campaign includes two infill wells and an exploration well targeting the Kasa prospect. The objective is to increase the field's gross production capacity from 100 million cubic feet per day (MMcfd) to over 130 MMcfd, which aligns with the current capacity of the field's facilities. In 2025, M&P's average net gas production from its 60% stake in Mnazi Bay was 59.7 MMcfd, a 3% decrease from 2024.

Strategic Growth Phase

M&P describes itself as entering an active growth phase, financially bolstered by the 2024 sale of its 20.07% stake in Seplat Energy to Heirs Energies for $496 million. The company stated this sale crystallized value and provided significant financial capacity. The strategy is centered on developing its existing assets in Angola, Gabon, and Colombia, while accelerating an external growth strategy aimed at acquiring value-accretive opportunities and increasing its portfolio of operated assets with high development potential.