Shell to drill for oil offshore Namibia

Shell to drill for oil offshore NamibiaShell has taken over exploration blocks 2913A and 2914B in the Orange Basin from Signet Petroleum. (Image source: Glenn Beltz/Flickr)Shell is to commence drilling for oil offshore Namibia

According to Reuters, Namibia’s minister of mines and energy, Isak Katali, announced that Shell has taken over exploration blocks 2913A and 2914B in the Orange Basin from Signet Petroleum.

The Anglo-Dutch group has acquired a 90 per cent stake in the two blocks and Namibian national oil company Namcor is retaining its 10 per cent carried interest, Katali said.

Signet Petroleum’s 42 per cent shareholder Polo Resources said that Signet had sold its interests in the two blocks “to a major international oil company in a confidential transaction”.

Polo gave no indication of how much the interest had been sold for except to say that it expected a “significant return”, adding it would provide further details as they became available.

Katali said, “The Ministry of Mines and Energy is very excited about the interest shown by a super-major such as Shell Exploration and Production in Namibia.”

Spanish company Repsol said in October 2013 it would drill its first well offshore Namibia - the Welwitschia-1 well in the Walvis Basin - in February or March 2014 in partnership with UK-based Tower Resources.

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