Oil and Gas
Canacol Energy seeks bankruptcy protection in Canada amid liquidity crisis
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Canacol Energy Ltd. has sought judicial protection under the Companies’ Creditors Arrangement Act (CCAA) in the Court of King's Bench of Alberta, Canada, due to a severe liquidity crisis. The company faces trading suspensions of its shares on the Toronto Stock Exchange and Colombia's Bolsa de Valores de Colombia, with reviews for potential delisting. This step aims to restructure debts while sustaining operations in Colombia.
New Mexico has filed a lawsuit against three Texas oil executives, accusing them of a fraudulent scheme to profit from oil and gas wells while leaving cleanup costs to taxpayers. The complaint details how the executives allegedly used shell companies and bankruptcies to offload hundreds of wells, many of which pose environmental hazards. Attorney General Raúl Torrez vows to hold the executives accountable for endangering public health.
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Egypt's Minister of Petroleum and Mineral Resources Karim Badawi announced plans to drill 480 exploratory oil and gas wells with $5.7 billion in investments over the next five years. The initiative aims to reverse declining natural gas output and achieve crude oil self-sufficiency. Badawi spoke at the 9th Al-Ahram Energy Conference.