Shell has discovered a significant oil and gas deposit offshore Namibia in the Graff-1 well. The Namibian government has verified the discovery, which is estimated to hold between 250 and 300 million barrels of oil, marking a watershed moment in the country’s energy sector and ushering in a new era of investment for the southern African country.
The discovery was made on the Petroleum Exploration License 39, which is jointly held by Shell (45%), Qatar Petroleum (45%), and the Namibian National Petroleum Corporation (5%), with Shell serving as the operator. Although the Ministry of Energy and Mines and Shell are expecting reports on the find’s commercial viability, the discovery has proved a functioning petroleum system as well as the country’s oil and gas basins’ potential.
The discovery has further positioned Namibia as a premium destination for upstream investment as well as a potential oil producer, as it represents one of the last frontiers for hydrocarbon exploration. Over the years, the country has experienced a slew of exploration missions, many of which have yielded little.