Shell has discovered a large oil and gas discovery offshore Namibia, according to Reuters, which cited three industry sources. Namibia is projected to be one of the hotspots for exploration this year.

Shell began drilling the Graff-1 well in Namibian seas in December and has discovered resources worth between 250 and 300 million barrels of oil and gas equivalent, according to one source.

Namibia’s government is expected to issue a statement next week.

Namibia does not produce oil and gas, but the offshore area around it is thought to hold a lot of resources, and analysts believe it would be one of the top high-impact exploration hotspots this year. Namibia’s neighbour to the north is OPEC producer Angola, which has a lot of offshore developments.