China Concord Resources Corp, a private Chinese company, has commenced development of two oilfields in Venezuela, planning to invest over $1 billion in the project. The initiative aims to produce 60,000 barrels per day of crude oil by the end of 2026. This development is notable as a rare investment by a private Chinese firm in the OPEC member country, occurring despite existing U.S. sanctions on Venezuela. The company has entered into an unusual 20-year agreement to operate the oilfields. Separately, PetroChina has proposed acquiring three natural gas storage companies for approximately 40 billion yuan ($5.6 billion), indicating its expansion in the natural gas sector.