Shell has discovered oil and gas in the Graff-1 well located in block 2913A, off the Namibian coast, we learned on Tuesday January 25 from reliable sources. The government plans to make an announcement next week on the details of the discovery of the well the Anglo-Dutch oil company started drilling last December.
Several indicate that these are major discoveries which showed a layer of hydrocarbons at least 60 m deep, containing approximately 250 to 300 million barrels of oil and gas equivalent.
“If successful, Graff-1 could spur significant international investment in a region that has had minimal E&P exploration and production activity over the past 25 years,” commented IHS Markit analyst Hugh Ewan. , in a footnote.
The discovery comes amid Shell starting to cut oil production as part of a plan to transition to renewable energy and low-carbon fuels.
Note that Namibia has sought to develop oil and gas fields for decades without success. But in recent years, interest in its offshore prospects has attracted many foreign companies, including ExxonMobil and TotalEnergies.
As a reminder, Shell holds a 45% stake in offshore oil exploration license 39 (PEL 39) which covers blocks 2913A and 2914B. Qatar Petroleum owns 45% and the remaining 10% through the National Petroleum Corporation of Namibia (Namcor).