Oil & Gas

07 Feb 2022

Shell Makes 'Encouraging' Oil Discovery Offshore Namibia

07 Feb 2022  by World News OGN   
Shell and its partners have made what the oil major described as an "encouraging" discovery in a closely-watched exploration well off the coast of Namibia, which could spark a wave of investment in the south African country.

Shell said in a statement that results from the deep water Graff-1 well revealed "the presence of a working petroleum system with light oil" and that Shell and its partners would continue to assess how much oil could be recovered.

Shell holds a 45% stake in the offshore Petroleum Exploration License 39 (PEL 39), where the well is located, with a 45% interest held by Qatar Petroleum and 10% held by the National Petroleum Corporation of Namibia (NAMCOR).

"We hope that this discovery puts to rest doubts about the hydrocarbon potential of Namibia and opens a new dawn in the country's future prosperity," NAMCOR Managing Director Immanuel Mulunga said in a statement.

Reuters last week reported a discovery had been made at the well offshore Namibia, which currently does not produce any fossil fuel.


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