Saudi Industrial Investment Posts Jump in Q1 Attributable Profit, Operational Profit

BP Signs Offshore Gas Exploration Pact With Venezuela

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.

African Oil Producers Push To Keep Drilling At Fossil Fuel Phaseout Talks

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.

Earnings Flash (CVI) CVR Energy Posts Q1 Sales $1.98 Billion, vs. FactSet Est of $1.73 Billion