Saipem to Re-enter Venezuela as US Sanctions Ease

Italian energy contractor Saipem is preparing to resume operations in Venezuela, anticipating demand from oil majors following the recent relaxation of U.S. Sanctions, according to Chief Executive Alessandro Puliti. The move signals a potential resurgence of international investment in Venezuela’s energy sector.

Shifting Landscape in Venezuela

“Things in Venezuela are changing particularly quickly,” Puliti stated during a post-results call on Wednesday, February 25, 2026. “It’s a country where we worked a lot in the past, and we are ready to return as soon as there is demand from clients.”

The United States relaxed sanctions on Venezuela’s energy sector earlier in February 2026, issuing two general licenses that permit global energy companies to operate in oil and gas projects within the OPEC member nation and allow for the negotiation of latest investment contracts.

Potential Clients and Project Timelines

Puliti indicated that potential contracts could originate from both international oil companies, and U.S. Firms. Companies authorized to operate include Chevron, BP, Eni, Shell, and Repsol, all of which maintain a presence and stakes in Venezuelan projects as reported by Baird Maritime.

However, as of February 25, 2026, Saipem had not yet received any requests for tenders or engineering studies. Puliti anticipates such requests may emerge later in the year.

Mozambique LNG Project Restart

Saipem is also actively involved in the restart of the $20 billion liquefied natural gas (LNG) project in Mozambique, in collaboration with TotalEnergies. The company is currently reviewing purchase orders and subcontracts to account for increased costs associated with resuming the project, a process expected to be completed after the first quarter of 2026 .

Subsea7 Merger and Financial Outlook

Saipem continues to expect the completion of its merger with Norway’s Subsea7 in the second half of 2026. The energy contractor projects adjusted core earnings of approximately €1.9 billion ($2.2 billion) for the year, up from €1.7 billion in 2025. (Exchange rate: $1 = €0.8488)