Shell Share Price: Renewables Sale to TotalEnergies

South Africa’s Constitutional Court blocked Shell’s offshore exploration plans on the Wild Coast, overturning a 2024 Supreme Court of Appeal ruling that had supported Shell and Impact Africa’s 2014 exploration right and seismic surveys. The court cited insufficient public consultation. Shell said it noted the decision and will continue stakeholder engagement.

South Africa’s Constitutional Court on Aug. 14 overturned oil exploration rights held by Shell and Impact Africa for fossil-fuel work off the Wild Coast. The court said authorities failed to meaningfully consult affected communities and consider harms to marine life and climate impacts. The dispute began after a 2014 seismic survey approval and a 2021 Shell stake transfer.

South Africa’s Constitutional Court ruled that the government cannot renew Shell’s offshore Wild Coast exploration lease, after lower courts found procedural flaws in community notification and consultation. Shell had canceled a seismic survey charter in 2022. Shell said it will continue engagement in South Africa. The decision ends the renewal process for the lease.

Shell Plc cannot renew an offshore South Africa exploration right off the Wild Coast after a legal challenge. The Constitutional Court set aside the right, following a 2021 dispute involving activists and environmental groups over consultation and impacts from a planned seismic survey. Earlier courts overturned the grant and renewals; Shell’s appeal was dismissed.

Reuters reports a hacking group post claimed it stole large volumes of data from nearly 50 companies. Shell said it is aware of a possible incident and is investigating. Philips said it contained an attempted compromise of an enterprise server and that customer environments were not impacted. Fiserv and GE said they are assessing claims. Reuters could not verify details; Ransom-ISAC warned Cl0p exploited PTC Windchill and FlexPLM vulnerabilities.

Shell CEO Wael Sawan said improved signals from Canada and British Columbia have increased confidence in approving an expansion of LNG Canada’s Kitimat project. He spoke as Shell announced a $22 billion cash-and-stock bid for ARC Resources, valuing ARC at about $32.80 per share. A Phase 2 decision is expected later this year.