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.
Wetlands International Philippines warned on Monday, March 30, against renewed oil and gas exploration in Ligawasan Marsh amid the energy crisis stemming from the Middle East. The group stated that unregulated activities could contaminate one of the country's most biodiverse wetlands, worsen flooding, and release stored carbon. They urged the government to prioritize renewable energy over risking fragile ecosystems.
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China National Offshore Oil Corporation (CNOOC), the country's largest producer, plans to boost oil and gas output to 780-800 million barrels of oil equivalent (BOE) in 2026, up to 3% from 2025's record. The announcement follows an 11.5% drop in 2025 net profit due to low oil prices despite record volumes.
Canacol announced that DeGolyer and MacNaughton audited its proved gas reserves in Colombian blocks. The company's estimates do not differ significantly from the independent auditor's. The report is based on data as of December 31, 2024.
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The joint venture between NNPC and Seplat has launched a new power system and underground cabling initiative. This project aims to enhance infrastructure in the region. Details emerged on November 25, 2025.
Toxic wastewater from oil fields continues to surface across Oklahoma, known as 'purges,' contaminating land and water sources. State regulators at the Oklahoma Corporation Commission identified high-pressure injection wells and orphan wells as key causes but have struggled to enforce prevention and cleanup. A yearlong investigation by The Frontier and ProPublica highlights over 150 such incidents in the past five years.