China Concord Resources Corp, a private Chinese company, has commenced development of two oilfields in Venezuela with plans to invest over $1 billion. The project aims to produce 60,000 barrels per day of crude oil by the end of 2026. This initiative represents a rare long-term investment by a private Chinese firm in the OPEC member country, under a 20-year agreement. Meanwhile, Australia's Santos reported a 22.3% decline in its half-year profit due to falling LNG and oil prices. Despite the profit drop, Santos has extended its exclusivity period for a potential $18.7 billion bid by ADNOC.