Shell, Namibia

Namibia's oil prospects hurt as Shell writes down offshore oil discovery
There have been several oil explorations by major oil conglomerates in the Southern African country of Namibia in recent years. Shell has announced a $400 million write-down related to an offshore oil discovery in Namibia,
Shell's $400 million write-down a setback for Namibia's oil and gas hopes
Shell, its partners QatarEnergy and Namco, discovered hydrocarbons in block PEL39 in 2022. This discovery, along with a second by TotalEnergies in a nearby block, sparked colossal global interest in this southern African nation that has no oil or gas production.
Shell writes down Namibia oil discovery in blow to country
Shell will write down around $400 million over an oil discovery offshore Namibia that it deemed commercially unviable in a blow to the southern African country's efforts to become a crude producer.
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.
Shell’s $400 million write-down dashes Namibia’s oil industry hopes
Although Shell and TotalEnergies had announced discoveries of at least 11 billion barrels of light oil and 8. 7 trillion cubic feet of gas in Namibia’s Orange basin as of August 2023, the oil major has now said that the discovered oil resources were not viable.
Shell writes down $400m on unviable oil discovery in Namibia
Shell has determined that an oil discovery off the coast of Namibia is not commercially viable, leading to a projected write-down of around $400m (£325.52m), reported Reuters. This decision is a setback for Namibia's ambition to establish itself as an oil producer.
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