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Market Chatter: Shell Loses Appeal to Explore in South Africa's Wild Coast Region
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Market Chatter: Shell Loses Appeal to Explore in South Africa's Wild Coast Region
Jun 3, 2024 7:34 AM

10:12 AM EDT, 06/03/2024 (MT Newswires) -- Shell (SHEL) has been rebuffed by an appeals court in South Africa in its bid to overturn a 2021 decision blocking the company's plans to explore for oil offshore in the country's Wild Coast region, Bloomberg reported, citing a summary of Monday's ruling it obtained.

Environmental groups sued to bar exploration throughout the 350-kilometer stretch of shoreline contending communities were not properly consulted prior to the South African Mineral Resources and Energy ministry approving the seismic surveys.

The company did not immediately respond to a request from MT Newswires seeking comment and more information following the appeals court ruling earlier Monday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 71.71, Change: -1.07, Percent Change: -1.47

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