Published on 31 Jan 2022 on Zacks via Yahoo Finance
Shell (RDS.A) Makes Oil & Gas Discovery Off Namibia's Coast
Oil supermajor, Shell (RDS.A), has made a huge oil and gas discovery at a closely watched offshore well in the southern African nation of Namibia, an event that could lead to a series of investments in the country, per Reuters.
Resources estimated to be worth between 250 and 300 million barrels of oil and gas equivalent have been found at the Graff-1 well after Shell started drilling in the southern African country’s waters in December and the government of Namibia is expected to make an official announcement on this soon, sources told Reuters.
It is unclear if the discoveries are substantial enough for RDS.A to go ahead with the development of the country's first deepwater field, as further reported.