Shell announced on Wednesday that it has successfully completed drilling a fourth exploration well, Lesedi-1X, in Namibia, confirming the presence of hydrocarbons. In recent years, Shell and France’s TotalEnergies have made multiple oil and gas discoveries off the coast of Namibia, leading to a significant increase in exploration activity in the region.
According to Shell’s statement, data obtained from the successful fourth drilling has confirmed the presence of hydrocarbons. However, further evaluation is required to determine the development potential of the discovery. Shell, along with its partners QatarEnergy and Namibia’s national oil company, plans to drill two additional wells in Namibia by the third quarter of this year, as stated in a filing to the government in March.
Furthermore, the Namibian government has approved Shell’s application to drill another 10 exploration and appraisal wells in the country. This indicates a positive outlook for future exploration and development activities in Namibia.
In February 2022, TotalEnergies made an oil discovery in the Venus well located in Namibia’s Petroleum Exploration Licence (PEL) 56. Analysts at Barclays estimate that this discovery holds approximately 3 billion barrels of oil equivalent (boe).
The continued exploration success in Namibia’s offshore areas signifies the potential for significant oil and gas resources in the region.
