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Shell plans to drill two more wells in Namibia over the next 6 to 9 months, with the energy giant citing “encouraging data” for the possible development of a new oil basin in the southern African country, CEO Wael Sawan said on Thursday.
Shell plans to drill one exploration well, one appraisal well, and conduct one flow test at its exploration licenses offshore Namibia, Sawan said in a call with analysts.
“There is a lot of encouraging data that we have identified,” he said.
Shell and France’s TotalEnergies have made several promising discoveries in recent years in the country which has no oil and gas production.
Shell is investing around one-quarter of its deepwater exploration budget in Namibia, Sawan said. The company’s overall exploration budget is around $1 billion.
(Reuters – Reporting by Ron Bousso and Shadia Nasralla; Editing by Kirsten Donovan)
