Saipem Eyes Comeback in Venezuela as Sanctions Ease

(Credit: Saipem)

Italian oil contractor Saipem is ready to resume activities in Venezuela for both offshore and onshore projects after the easing of U.S. sanctions, Chief Executive Alessandro Puliti said on Wednesday.

"Things in Venezuela are changing very quickly. 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," Puliti said in a post-results call.

The United States relaxed sanctions on Venezuela's energy sector earlier this month, issuing two general licenses that allow global energy companies to operate oil and gas projects in the OPEC member and for other companies to negotiate contracts to bring in fresh investments.

Puliti also gave an update on the restart of the Mozambique LNG project for French oil major TotalEnergies.

"Currently, we are revisiting purchase orders and subcontracts to reflect escalation and resumption costs, but this process will not be completed by the end of the first quarter of this year," Puliti said.

(Reuters - Reporting by Francesca Landini, editing by Alvise Armellini)