This development follows a fresh sales process initiated in May to identify a new buyer for Shell's stake after the supermajor announced its withdrawal from the project in December 2021.

This settlement also involves five former and current officers and employees.

Gas production from Timi field began on August 22, 2023.

While Namibia has yet to achieve oil and gas production, the country has attracted significant attention from international energy companies, particularly after Shell and TotalEnergies made discoveries in its offshore areas.

The independent oil supplier, with a workforce of 155 employees, has joined forces with global energy leader Shell to distribute Shell’s GTL Fuel to agricultural enterprises.

The initial phase involves conducting a geophysical site survey using a dedicated vessel in the Southern North Sea area.

The agreement encompasses conventional energy projects and transition projects in the carbon capture, low-carbon fuels, and hydrogen sectors.

The company's earnings more than halved compared to the same period the previous year, falling far short of market expectations.

The deal involves Pertamina Hulu Energi acquiring a 20% stake, and Petronas Masela buying a 15% interest in the Masela PSC, which includes the Abadi gas project.

Morocco and Shell have reached an agreement for the supply of six billion cubic meters of liquefied natural gas over a period of 12 years, as reported by AFP citing Morocco's energy ministry.