Aug 5 (Reuters) - French oil group Maurel & Prom

reported a 25% drop in its half-year core profit on

Tuesday, hit by falling crude oil prices.

Earnings before interest, taxes, depreciation and

amortization fell to $140 million in the six-month period, from

$186 million a year earlier.

The group was hit by a 16% drop in the average sale price

for oil products to $70.90 per barrel, after it warned in

mid-June that weak prices would weigh on its quarterly revenue,

echoing comments from TotalEnergies, BP and

Shell.

"Despite the sharp fall in crude oil prices, M&P has once

again demonstrated the strength of its business model and its

ability to generate value," CEO Olivier de Langavant said in a

press release, however.

Crude oil prices fell in the second quarter after the

Organization of the Petroleum Exporting Countries and allies

(OPEC+) in April began to unwind its self-imposed production

cuts of 2.17 million barrels per day.

The organization agreed on Sunday to raise oil production by

547,000 barrels per day for September, the latest in a series of

accelerated output hikes to regain market share, among concerns

over potential supply disruptions linked to Russia.

M&P added that after the expiration on May 27 of its licence

from the U.S. Treasury and State departments to export oil crude

from Venezuela, it has adjusted its operations which are now

limited to maintenance work while production continues.

It said it remains actively in contact with the U.S.

authorities.

On July 30, U.S. peer Chevron ( CVX ) has been

granted

a restricted U.S. license, three sources close to the

decision said, adding that no money from oil proceeds can be

transferred in any way to the administration of Venezuelan

President Nicolas Maduro.

Others foreign partners of Venezuela's state-owned oil

company PDVSA, including Maurel et Prom are

awaiting

U.S. authorizations, to allow them to operate in the

sanctioned country, according to company sources.