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Shell has decided to write down $400 million, citing technical and geological difficulties encountered at the petroleum exploration license (PEL) 39, as its oil discovery in the Orange Basin off the coast of Namibia cannot be confirmed for commercial development at this point.
Ministry of Mines Mopane NAMCOR Chevron La Rona Namibia Exploration Rhino Resources Azule Energy Korres Investments Walvis Basin Woodside Energy Tom Alweendo Minister of Mines UK-headquartered QatarEnergy
Namibia’s Orange Basin still oil-rich but Shell’s discovery deemed ‘commercially unfeasible’
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