Shell said on July 12 it had successfully completed drilling a fourth exploration well, Lesedi-1X, in Namibia that confirmed the presence of hydrocarbons.
Shell and France's TotalEnergies have made several oil and gas discoveries off the coast of the southern African country in recent years, leading to a sharp increase in exploration activity there.
In its statement on July 12, Shell said data following the successful fourth drilling confirmed the presence of hydrocarbons, adding "further evaluation is required to determine development potential".
Shell and its partners QatarEnergy and Namibia's national oil company plan to drill two further wells in Namibia by the third quarter of this year, a document dated March and seen by Reuters showed.
It also showed Shell had applied for a license to drill another 10 exploration and appraisal wells in Nambia.
Shell has declined to comment on the document.
TotalEnergies made an oil discovery in February 2022 in the Venus well in Nambia's Petroleum Exploration License (PEL) 56, which analysts at Barclays estimate holds 3 billion barrels of oil equivalent (Bboe).
Shell reported discoveries in the Graff, La Rona and Jonker wells in PEL 39, which together are estimated to hold 1.7 Bboe, according to Barclays.
Recommended Reading
Oil and Gas Stocks Revel in a Post-Election Trump Bump
2024-11-08 - Oil and gas company stocks, particularly those of E&Ps and oilfield services, enjoyed a boost immediately following the presidential election of Donald Trump.
Oil Prices Jump 4% on Reports of Iran Preparing to Attack Israel
2024-10-01 - An Israeli attack on Iranian oil production or export facilities could cause a material disruption, potentially more than a 1 MMbbl/d.
Oil Falls as Swelling US Supply Counters Middle East and Hurricane Risks
2024-10-09 - Oil fell on rising U.S. crude inventories but the risk of supply disruption from the Middle East and Hurricane Milton curbed price declines.
Kissler: How Long Will Geopolitical Unrest Support Crude Prices?
2024-10-10 - Slower global economic growth pulls prices in the opposite direction even as oil prices were up about 4% on Oct. 10 due to factors including risks to Middle East supply.
Geopolitical Tensions Complicate Oil Price Predictions
2024-10-14 - Geopolitical tensions around the world are an ongoing wildcard for oil prices in the near-term, according to BOK Financial Securities’ Dennis Kissler. U.S. producers will have to pivot off of whatever hand they are dealt.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.