This was also confirmed by QatarEnergy, which is one of Shell’s partners in the PEL-39 license, located in the Orange Basin, offshore Namibia. QatarEnergy said it had concluded drilling operations of the Graff-1 well, establishing the presence of a working petroleum system with light oil.
An estimated 11 billion barrels in oil reserves found off Namibia’s coast, plans first production within four years. The finding could put Namibia on par with neighbouring Angola, whose reserves are estimated at around 13 billion barrels and whose production rivals Africa’s top producer, Nigeria.
Shell did not provide details on the size of the resource.
Shell holds a 45% stake in Petroleum Exploration License 39 (PEL 39) where the well is located. Qatar Energy also holds a 45% interest and the National Petroleum Corporation of Namibia (NAMCOR) holds the remaining 10%.