Repsol's (REP.MC) rating was upgraded at AlphaValue/Baader Europe as the research firm increased its earnings forecast for the Spanish oil and gas giant on higher commodity prices.
The 2026 EPS estimate was lifted on Wednesday by 48.3% to 3.79 euros on the back of AlphaValue/Baader's higher Brent and Title Transfer Facility deck flowing through to upstream realized prices and gas margins.
The rating was raised to add from reduce with a price target of 25.1 euros.
BP (BP) has signed an agreement with Venezuela to explore offshore natural gas, as the country's energy sector gathers momentum following the US capture of Nicolas Maduro in January, Bloomberg reported on Wednesday.The memorandum of understanding between BP and Caracas outlines "potential areas for co-operation in material gas and future exploration," the company said.The agreement comes amid renewed interest from international energy companies in Venezuela, with an energy conference in Caracas drawing strong participation from global investors.For BP, the move aligns with Chief Executive Meg O'Neill's strategy to rebuild long-term reserves as the company pivots back toward oil and gas after scaling back several low-carbon efforts in recent years.
Oil-rich African nations said they will continue drilling to support economic growth, despite global efforts to phase out fossil fuels, AFP reported from ongoing talks in Colombia.Officials from several producers argued that a rapid transition away from oil and gas is not feasible given their reliance on fossil fuel revenues."Not phasing out - phase down. That is the message," said Onuoha Magnus Chidi, an adviser to Nigeria's regional development minister, to AFP.Delegates warned that an abrupt shift could lead to job losses and economic disruption, calling for financial support and policy flexibility to help manage the transition, AFP said.