Shell Hits Snag Offshore Namibia, Records $400M Financial Write-Down
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Shell has encountered a setback with its offshore oil project in Namibia, leading to a $400 million financial write-down. The oil discovery in block PEL 39 is considered commercially infeasible for development.
January 09, 2025 | 5:45 pm
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Shell has announced a $400 million financial write-down due to the commercial infeasibility of its oil discovery in Namibia's offshore block PEL 39.
The $400 million write-down indicates a significant financial impact on Shell due to the project's commercial infeasibility. This could negatively affect investor sentiment and Shell's stock price in the short term.
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