Saipem is poised to return to Venezuela following the easing of U.S. sanctions

Alessandro Puliti, the chief executive of Italian oil contractor Saipem, said that it is prepared to resume operations in Venezuela after the lifting of U.S. sanction - as they expect demand from "oil majors" later this year.

"Things are changing in Venezuela very quickly." We have worked in Venezuela in the past and are prepared to return as soon a client requests it," Puliti stated in a call following results.

Puliti stated that contracts could be awarded by both U.S. and international oil companies. These groups are currently assessing?the situation?and developing plans for Latin America.

As of today, no requests have been received to participate in an?award or to conduct engineering studies to prepare for a bid... He told a news conference that he expected this to happen later in the year.

This month, the United States eased sanctions against Venezuela's energy sector. They issued two general licenses allowing global energy companies access to oil and gas operations in the OPEC country and allowing other companies to negotiate new contracts for fresh investment.

The Treasury Department’s Office of Foreign Assets Control has issued a license to Chevron BP Eni Shell Repsol. These companies still have offices and stakes in project in Venezuela and are the principal partners of the state-owned company PDVSA.

Majors and energy contractors are facing a challenge despite the country's vast oil reserves

Dilapidated

Energy infrastructure.

Work for the MOZAMBIQUE Project's Restart

Mozambique

Saipem and TotalEnergies are currently reviewing orders following a long suspension.

Puliti said that they were currently reviewing purchase orders and contracts to include escalation costs and resumption charges. However, this process would not be complete by the end the first quarter.

Saipem is still on track to complete its

Puliti stated that he would be playing?Norway Subsea7's Subsea7 during the second half.

The energy contractor stated on Tuesday that it expects its core to be adjusted.

Earnings

The amount of money spent on the internet will increase to approximately 1.9 billion euro ($2.2 billion) in this year. This is up from 1.7 billion euro in 2025. (1 euro = 0.8488 dollars) (Reporting and editing by Alvise Armillini and Louise Heavens).

(source: Reuters)