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Creditors of Venezuela are planning to bid for Citgo Petroleum Corp.'s parent company in an auction to satisfy over $20 billion in claims against Venezuela. Crystallex International Corp. and Red Tree Investments LLC are among the creditors looking to submit credit bids for the parent company, PDV Holding, which owns Citgo. The auction has faced challenges, with most creditors objecting to an offer from Elliott's affiliate, Amber Energy, leading to uncertainty and potential delays in the sale process. The court-appointed official overseeing the sale has proposed a streamlined auction process, with a sale hearing scheduled for May 28, 2025. [Extracted from the article]

(Bloomberg) -- Malaysia's High Court dropped one of the cases against former Prime Minister Najib Razak related to state fund 1MDB, the New Straits Times reported Wednesday.High Court Judge Muhammad Jamil Hussin granted Najib a discharge not amounting to an acquittal, according to the report. The former premier remains behind bars for other crimes related to 1MDB.Najib was charged with six counts of criminal breach of trust involving 6.6 billion ringgit ($1.5 billion) in funds linked to payments to the International Petroleum Investment Company, an Abu Dhabi sovereign wealth fund.©2024 Bloomberg L.P.By Anisah ShukryReported by Author [Extracted from the article]

A Colombian judge has ordered Ecopetrol SA and Petroleo Brasileiro SA to halt the drilling of a gas well in the nation's Caribbean waters after an Indigenous community in the area of Taganga claimed that their consent should have been requested before the companies were allowed to drill. This ruling is a setback for both companies, as Colombia is facing a shortfall of natural gas and hopes to rely on deepwater wells for future production. Additionally, Petrobras has also faced setbacks in Brazil due to environmental concerns. [Extracted from the article]

Chappal Energies has agreed to purchase TotalEnergies SE's 10% stake in oil and gas assets in Nigeria for $860 million. This deal includes a 10% interest in 15 oil mining leases and the Forcados and Bonny export terminals. Chappal's financing will be provided by an entity related to TotalEnergies or a selected financial institution. The deal is expected to be finalized by December 31. [Extracted from the article]

Norway's $1.6 trillion wealth fund, Norges Bank Investment Management, plans to vote against the election of Exxon Mobil Corp. Director Joseph Hooley due to Exxon's lawsuit against climate-focused shareholders. The fund expressed concern about the impact of litigation against investors for submitting shareholder proposals and will continue engaging with Exxon on the issue. Calpers, the largest state public pension fund in the US, also issued a statement criticizing Exxon for undermining shareholder rights. The fund holds a 1.35% stake in Exxon and agreed with the company's management on most proposals but will vote against a proposal calling for reporting pay gaps across race and gender. [Extracted from the article]

Exxon Mobil Corp. is facing criticism from environment-focused investors who believe the company is not meeting its climate-related commitments. This criticism is particularly significant as Exxon has sued two climate-focused groups. The California Public Employees' Retirement System is considering voting against the reelection of the CEO, and shareholder-activist group Majority Action is calling on investors to oppose the election of Exxon directors. Critics argue that Exxon has a weak environmental record and has engaged in climate denial and disinformation. Additionally, activists are angered by Exxon's decision to sue the climate-focused groups. [Extracted from the article]

The Biden administration has finalized a plan to limit oil development in Alaska's petroleum reserve and block road construction for a copper mine. These actions are part of President Biden's efforts to curtail extractive development on federal lands and protect over 41 million acres for conservation. The moves have been criticized by oil, gas, and mining interests who argue that they are hindering America's energy needs and access to critical minerals. However, environmentalists have praised the measures as a positive step towards protecting the region's ecological value and combating climate change. [Extracted from the article]

The Biden administration has finalized a plan to prevent oil development across more than half of Alaska's petroleum reserve and to block road construction for a copper mine in the state. These actions are part of President Biden's efforts to curtail extractive development on federal lands and conserve over 41 million acres. While environmentalists celebrate these measures, oil, gas, and mining interests argue that they are hindering America's energy needs and access to critical minerals. The new regulations will impact companies with holdings in the reserve, but existing leases and authorized activities will not be affected. [Extracted from the article]

Exxon Mobil Corp. is on track with a $1 billion expansion at the Fawley refinery in the UK, which will primarily increase diesel supply starting in the first quarter of 2025. The new production facility will initially focus on diesel production to reduce imports of the fuel into the UK, but it can be reconfigured in the future to produce conventional jet fuel or sustainable aviation fuel. The investment aligns with Exxon's strategy to shift its refining business away from gasoline and towards chemicals. The expansion also includes the construction of a hydrotreater and a hydrogen plant to boost diesel production and chemicals output. This investment comes at a time when the European refining industry is expected to shrink due to declining regional demand for road fuels and competition from the Middle East and Asia. Other refineries in Europe, such as PetroIneos Grangemouth in Scotland, Shell Plc Rheinland, and BP Plc Gelsenkirchen in Germany, are scheduled to close or repurpose their diesel-making machines. Exxon's investment also includes the expansion of a jet fuel pipeline to its West London terminal, allowing for the transportation of sustainable aviation fuel made by competitors. [Extracted from the article]

Senate Majority Leader Chuck Schumer has called on the Federal Trade Commission (FTC) to investigate a series of mergers in the oil and gas industry, citing concerns about competition and potential price increases. Schumer, along with 50 other lawmakers, signed a letter urging the FTC to expand its ongoing investigations into acquisitions by Exxon Mobil Corp. and Chevron Corp. The lawmakers argue that there is a pattern of anticompetitive behavior in the industry, particularly in the Permian Basin and other key American oil fields. President Joe Biden has also expressed support for increased scrutiny of oil and gas industry mergers. [Extracted from the article]

The Philippines is seeking to explore other areas within the country that may contain oil and gas reserves, as talks with China on joint resource development in the South China Sea have stalled due to tensions between the two nations. The Philippines cannot solely rely on the resources in the disputed Reed Bank, so they are looking at the Sulu Sea area as a new exploration hotspot. Israeli company Ratio Petroleum Energy LP is planning to collect 3D seismic data in the Sulu Sea next month, as part of the initial work before drilling. The Philippines is actively pursuing other energy sources as its key Malampaya gas field nears depletion. [Extracted from the article]

Exxon Mobil Corp. has stated that its exploratory drilling off the coast of Guyana will be located "well south" of the disputed territory claimed by Venezuela. The Venezuelan military has reportedly been building up near the disputed Essequibo region, which is becoming a major security concern. Exxon plans to drill seven wells, all of which are at least 100 kilometers away from Venezuela's claimed territory. The company has previously drilled three wells closer to Venezuela without any issues. Exxon acknowledges that the border dispute is for the governments to resolve, and they are focused on developing within Guyana's territory. [Extracted from the article]

Exxon Mobil Corp. has stated that its exploratory drilling off the coast of Guyana will be located "well south" of the disputed territory claimed by Venezuela. The Venezuelan military has reportedly been building up near the disputed Essequibo region, which is becoming a major security concern. However, Exxon's drilling plans are at least 100 kilometers away from Venezuela's claimed territory, and the company has previously drilled wells closer to Venezuela without any issues. Exxon acknowledges that the border dispute is for the governments to resolve and supports the resolution of the issue in the International Court of Justice. [Extracted from the article]

China has surprised the market by front-loading its oil import quotas for 2024, allocating nearly as much as was granted for the entire previous year. The quotas for the year ahead amount to 179.01 million tons, or 3.59 million barrels per day, according to industry consultancy JLC. This move is expected to provide certainty for smaller private operators and allow them to plan their year more effectively. The allocation includes quotas for specific companies such as Zhejiang Petroleum & Chemical Co., Hengli Petrochemical Co., and Shenghong Group. It is anticipated that additional quotas may be issued later in the year due to the start-up of the Yulong mega refinery in Shandong. [Extracted from the article]

Endeavor Energy, the largest privately-held oil and gas company in the Permian basin, is considering a sale that could value the company between $25 billion and $30 billion. The company has enlisted JPMorgan Chase to initiate the sale process in early 2024. This potential sale comes as other publicly traded oil and gas companies are facing pressure to maintain buybacks and dividends in a maturing North American shale sector. Endeavor Energy has a significant presence in the Permian basin and has previously attracted interest from Exxon, Chevron, and ConocoPhillips. [Extracted from the article]

Stocks rose as data on private payrolls suggested that the Federal Reserve may start cutting interest rates next year. The weaker-than-expected ADP Research Institute tally and other labor metrics indicate a slowdown in hiring, according to experts. The S&P 500 and benchmark 10-year yields saw gains, while the dollar fluctuated and Bitcoin reached $44,000. The Bank of Canada kept rates steady but left the door open for further hikes. The ADP report may set up expectations for a "soft" jobs report on Friday, which is currently forecasted to show employers adding 187,000 jobs in November. The combined rally in equities and bonds has been supported by evidence that a soft landing will allow the Fed to cut rates in 2024. However, UBS's Chief Investment Office believes that the recent rally's pace is unlikely to be sustained. In other news, US mortgage rates fell to the lowest level in almost four months, and the Bank of England warned about hedge funds shorting US Treasury futures. The heads of the biggest US banks are expected to use a Senate hearing to argue against rule proposals that they believe will harm the economy. Corporate highlights include Citigroup's expected slump in trading revenue, Exxon Mobil's plan to raise share buybacks, and Apple's potential exemption from new European Union antitrust rules for its iMessage service. [Extracted from the article]

A judge in Delaware has ruled that the US parent company of Citgo Petroleum Corp. can post a $10,000 bond to reissue a missing stock certificate, which is necessary for the auction of the refiner. The judge determined that the official stock certificate covering 1,000 shares of Citgo's US parent was lost or destroyed, and that the Venezuelan state oil company, Petroleos de Venezuela SA, did not have to pay a bond worth billions to cover the reissuance. The auction could raise $14 billion to cover arbitration awards against Venezuela and other claims resulting from nationalizations initiated by former President Hugo Chavez. [Extracted from the article]

A judge in Delaware has ruled that the US parent company of Citgo Petroleum Corp. can post a $10,000 bond to reissue a missing stock certificate, which is necessary for the company's sale. The judge determined that the official stock certificate covering 1,000 shares of Citgo's US parent was lost or destroyed, and that the Venezuelan state oil company, Petroleos de Venezuela SA, did not have to pay a bond worth billions to cover the reissuance. The auction of Citgo could raise $14 billion to cover arbitration awards against Venezuela and other claims resulting from nationalizations initiated by former President Hugo Chavez. [Extracted from the article]

A judge has ruled that the US parent company of Citgo Petroleum Corp. can reissue a missing stock certificate, which is necessary for the company's sale. The judge determined that the official stock certificate for 1,000 shares of Citgo's US parent was lost or destroyed, and that the Venezuelan state oil company, Petroleos de Venezuela SA, did not have to pay a bond worth billions for the reissuance. The auction of Citgo could raise $14 billion to cover arbitration awards against Venezuela and other claims resulting from nationalizations initiated by former President Hugo Chavez. [Extracted from the article]

China and Saudi Arabia have signed a currency swap agreement worth $7 billion, signaling a deepening of their economic ties. The deal allows for the exchange of up to 50 billion yuan or 26 billion riyals over a three-year period. This move reflects China's efforts to promote the use of the yuan in transactions with major energy and commodity exporters, while Saudi Arabia seeks to diversify its economy away from petroleum. The agreement is part of a broader trend of countries in the Middle East and emerging markets shifting away from the US dollar in their non-oil trade. [Extracted from the article]

Aliko Dangote, Africa's richest person, has announced that his refinery has obtained a permit to process over 300,000 barrels of Nigerian crude oil per day and will soon begin producing gasoline. The refinery, which was originally scheduled to start production in August, aims to prioritize supplying gasoline to Nigeria before exporting to other regions. The facility is expected to produce diesel, kerosene, and jet fuel, and will receive crude from other Nigerian producers and the country's state oil company. Nigeria has recently increased its oil output and launched a new grade of crude called Nembe through a joint venture with the Nigerian National Petroleum Company and Aiteo Eastern E&P Co. Ltd. However, crude theft and pipeline attacks in the Niger Delta have hindered Nigeria's ability to meet its quota and revenue targets. [Extracted from the article]

(Bloomberg) -- Senate Majority Leader Chuck Schumer is urging the US Federal Trade Commission to look into whether Exxon Mobil Corp. and Chevron Corp.'s proposed oil and gas acquisitions could violate antitrust laws. Schumer asked the FTC to consider "how Exxon's or Chevron's vertically integrated operations may harm American competition in any national or regional market.". [Extracted from the article]

(Bloomberg) -- Senate Majority Leader Chuck Schumer is urging the US Federal Trade Commission to look into whether Exxon Mobil Corp. and Chevron Corp.'s proposed oil and gas acquisitions could violate antitrust laws. "Should the FTC determine that these mergers would violate antitrust law, we urge you to oppose them", Schumer wrote in the letter to FTC Chair Lina Khan. [Extracted from the article]

(Bloomberg) -- Namibia's plan to benefit from natural resources does not involve taking equity stakes in mining and oil companies, a top government official said, following remarks earlier in the week that raised investor concern. "I don't want people to think that somehow Namibia has come up with a new regime whereby we are going to take equity in those companies", Mines and Energy Minister Tom Alweendo said on Thursday at a Paris conference. [Extracted from the article]

The country is also contemplating creating a minerals exploration fund, which could be financed by a portion of the royalties paid by mining and petroleum companies to the state, Alweendo said. (Bloomberg) -- Namibia is considering taking minority stakes in mining and petroleum production companies amid increasing concerns over local ownership of valuable resources. [Extracted from the article]

The country is also contemplating creating a minerals exploration fund, which could be financed by a portion of the royalties paid by mining and petroleum companies to the state, Alweendo said. (Bloomberg) -- Namibia is considering taking minority stakes in mining and petroleum production companies amid increasing concerns over local ownership of valuable resources. [Extracted from the article]

(Bloomberg) -- Oil and gas companies, such as Equinor ASA and Var Energi ASA, should "leave no stone unturned" in expanding their resources in the Barents Sea region as Norway looks to future-proof its position as key energy supplier to Europe. Norway is now Europe's biggest supplier of natural gas after the outbreak of the war in Ukraine, and its petroleum producers are keen for new acreage in the Barents to offset an expected decline in output in a few years. Norway Wants Oil Companies Exploring in Barents Sea to Leave "No Stone Unturned". [Extracted from the article]

Big Tech companies like Microsoft and Amazon are helping Big Oil companies increase their oil and gas production, despite their own pledges to cut emissions and promote sustainability. Microsoft is assisting Exxon Mobil in analyzing oil field data, while Amazon is helping drillers run simulations to maximize oil extraction. Both companies argue that their contracts with the oil industry are part of their efforts to transition to cleaner energy sources. However, critics argue that these partnerships are prolonging the fossil fuel age and undermining the companies' green credentials. While Google has stopped selling machine learning tools for oil exploration, Amazon and Microsoft are expected to deepen their relationship with the industry. [Extracted from the article]

Still, BP has said it will review its investment plans inthe UK, while Shell said the levy "creates uncertaintyabout investment in North Sea oil and gas for the comingyears." The North Sea was once dominated by Big Oil firms such asShell Plc and BP Plc, but these have increasinglyretreated from the area's maturing fields. [Extracted from the article]

An estimated 165,000 gallons were released into the canal before containment, the Illinois Environmental Protection Agency told local news station KTVI. (Bloomberg) -- Marathon Pipe Line Inc. has shut down a pipeline in Illinois that leaked crude oil into a local canal, the company said on Saturday. [Extracted from the article]

(Bloomberg) -- Extraction Oil & Gas Inc. plans to pay 16 executives and senior managers a total of $6.7 million in return for staying with the Colorado-based driller ahead of a possible default on its bond payments. Rank-and-file employees may receive a cash payment equivalent to their target 2020 pay, the Denver-based company said in a statement Thursday. [Extracted from the article]

(Bloomberg) -- Miguel "Mike" Loya, the long-time head of Vitol Group's operations in the Americas, has exited the high-profile role as Ben Marshall takes over in Houston at the world's biggest independent oil trader. Americas Head In 1997, Loya, already a rising star at Vitol, became a director of the company, and in 1999 he took over the Americas operations, based in Houston. [Extracted from the article]

Oil Turmoil Tests Banks' Support for Canada's "Family Business" (Bloomberg) -- Canada's energy industry is facing one of its toughest tests ever as companies scramble for credit against a turbulent backdrop of record-low crude prices. Canada's six largest lenders had about C$58.5 billion ($41.2 billion) in energy loans on their books at the end of January, representing an average 5% of their corporate loan portfolios or 2% of overall lending, according to company disclosures. [Extracted from the article]

(Bloomberg) -- Oil extended losses in Asia following its biggest weekly decline since 1991 amid unprecedented demand destruction caused by the coronavirus and as prospects for a detente between OPEC and Texas oil producers appeared to dim. A chink of light in the oil price stand-off emerged Friday when Texas Railroad Commissioner Ryan Sitton said he had been invited by OPEC Secretary General Mohammad Barkindo to attend the group's summer meeting in Vienna. [Extracted from the article]

(Bloomberg) -- As credit markets around the world sputter and seize, distressed companies are watching financial lifelines that they were counting upon slip from their grasp. Bankrupt shale oil driller Alta Mesa Resources Corp. on Thursday said the firm that promised to buy some of its assets pulled out of that deal at the eleventh hour, citing the "perfect storm of factors" posed by the pandemic and the oil collapse. [Extracted from the article]

(Bloomberg) -- As credit markets around the world sputter and seize, distressed companies are watching financial lifelines that they were counting upon slip from their grasp. Bankrupt shale oil driller Alta Mesa Resources Corp. on Thursday said the firm that promised to buy some of its assets pulled out of that deal at the eleventh hour, citing the "perfect storm of factors" posed by the pandemic and the oil collapse. [Extracted from the article]

The article announces the resignation of several people from the petroleum company in Mexico, Petróleos Mexicanos (Pemex) including Victor Briones as head of crude oil trading, vice president of crude trading Carlos Islas, and vice president of oil analysis Alfonso Mendoza.

The article reports on volatility that hit Standard & Poor's (S&P) 500 Energy Index in both oil and natural gas prices in August 2019. Topics discussed include remarks from Tobias Levkovich, Citigroup Inc.'s U.S. equity strategist, performance of the S&P/TSX Energy Index in Canada, and efforts of oil and gas companies to garner more investor attention.

In a state known for its oil-based booms and busts, Jerry Morales is convinced Midland, Texas, the unofficial capital of the Permian Shale Basin, has a chance to break from the pattern. In 2018, Morales sat in the Mulberry Cafe in Midland and talked of a local economy that was "on fire" and out of control because of the oil boom. Hitchcock-Hall, a longtime Midland-based candy maker dubbed the "Willy Wonka of West Texas", owns a candy factory in Midland that can safely hold two busloads of children at a time, she said. [Extracted from the article]

Shell Petroleum Development Company plans to invest about $15 billion in oil and gas projects in Nigeria over the next five years, Lagos-based newspaper ThisDay reported, citing managing director of the unit, Nosa Okunbor. Shell has also taken a final investment decision regarding the 300 million standard cubic feet/day Assa North Ohaji gas project, which is expected to generate 1,200 megawatts, said Okunbor. [Extracted from the article]

(Bloomberg) -- Woodside Without Oil Search Needs to Refill Its Tank: Gadfly For most of the past decade, Oil Search's valuation has been so much higher than Woodside's that a non-cash bid would have been rejected out of hand. Still, Coleman's decision to walk fits the pattern this year of the oil and gas industry failing to consummate its deals. [Extracted from the article]

Says sees no reason oil prices will remain below $55 Falling investments combined with a slump in oil prices are proving painful for Norway's economy, with almost half its exports related to petroleum. "There's no reason to think we will see oil prices last under $55 a barrel but we will have to adjust to lower oil prices", Lien said. [Extracted from the article]

Debt investors are abandoning the bottom rungs of the speculative-grade market as commodity prices at their lowest level in more than a decade pummel borrowers in the energy and mining industries. Now, with oil prices mired by a global glut, investors are intent on moving toward the lower-risk level of higher-rated junk bonds. [Extracted from the article]