Italian oil contractor Saipem is prepared to restart Venezuela operations following US sanctions easing, positioning for emerging demand in the oil-rich nation 1.
The move signals potential revenue recovery for the Milan-based company after years of restricted access to Venezuela’s lucrative energy sector.
Key Takeaways
- Saipem poised to resume both offshore and onshore Venezuelan projects
- US sanctions relief opens major South American oil market
- Company expects emerging demand following regulatory changes
Market Context
The sanctions relief represents a significant opportunity for international oil service companies that have been locked out of Venezuela’s energy sector. Venezuela holds the world’s largest proven oil reserves, estimated at over 300 billion barrels 2.
The US Treasury Department has issued new general licenses allowing oil majors and service companies to potentially explore and produce oil in Venezuela, reversing years of restrictive policies 6.
Sanctions Timeline
The easing process began January 30 when the Trump administration lifted some sanctions on Venezuela’s oil sector after lawmakers passed reforms enabling US company investments 8. However, the new licenses exclude firms from China, Russia, and Iran 9.
On February 13, the US issued additional general licenses specifically allowing oil majors to sign contracts with state-owned PDVSA and explore Venezuelan territory 6.
Company Positioning
Saipem’s readiness to re-enter Venezuela demonstrates the company’s strategic focus on high-potential markets previously restricted by geopolitical tensions. The Italian contractor has experience in complex offshore and onshore projects across Latin America 3.
Venezuela is simultaneously preparing larger oil cargo exports and targeting India as a key destination, indicating broader efforts to revitalize its energy sector 5.
Industry Implications
The sanctions relief could trigger a wave of international investment in Venezuela’s deteriorated oil infrastructure. Years of underinvestment and sanctions have severely impacted production capacity from what was once one of the world’s top oil exporters.
Energy diplomacy is intensifying as Washington signals potential high-level engagement with Caracas, with speculation about possible Trump administration visits to Venezuela 7.
Not investment advice. For informational purposes only.
References
1(Feb 25, 2026). “Saipem poised to return in Venezuela after U.S. sanctions easing”. Reuters. Retrieved February 25, 2026.
2(Feb 25, 2026). “Saipem poised to return in Venezuela after U.S. sanctions easing”. Global Banking and Finance. Retrieved February 25, 2026.
3(Feb 25, 2026). “Saipem looks to restart Venezuela operations on easing sanctions”. Baird Maritime. Retrieved February 25, 2026.
4(Feb 25, 2026). “Saipem poised to return in Venezuela after U.S. sanctions easing”. London Stock Exchange. Retrieved February 25, 2026.
5(Feb 24, 2026). “Venezuela readies larger oil cargoes for export, targets India”. Reuters. Retrieved February 25, 2026.
6(Feb 13, 2026). “US lets oil majors return to Venezuela, sign contracts with PDVSA”. Upstream Online. Retrieved February 25, 2026.
7(Feb 13, 2026). “As Washington rolls back Venezuela oil sanctions, Trump signals possible Caracas trip”. TRT World. Retrieved February 25, 2026.
8(Jan 30, 2026). “US eases Venezuela sanctions after oil sector reforms”. France 24. Retrieved February 25, 2026.
9(Jan 30, 2026). “US eases some sanctions on Venezuelan oil industry”. Jerusalem Post. Retrieved February 25, 2026.
10(Jan 30, 2026). “United States eases Venezuela sanctions after oil sector reforms”. Buenos Aires Times. Retrieved February 25, 2026.