Shell Hits Snag Offshore Namibia, Records $400M Financial Write-Down

Shell plc (SHEL) , the British oil and gas major, has stated that it will record a financial write-down of nearly $400 million over an offshore oil discovery in Namibia. The company has found the oil discovery to be commercially infeasible for development.Per Reuters, SHEL cannot confirm the development of this resource under the current circumstances. The oil and gas find, located in the offshore block PEL 39, was discovered by Shell and its partners, QatarEnergy and the national oil company of Namibia, in ...