Shell makes ‘encouraging’ oil discovery offshore Namibia

Shell said in a statement that results from the deep water Graff-1 well revealed “the presence of a working petroleum system with light oil” and that Shell and its partners would continue to assess how much oil could be recovered.

LONDON: Shell and its partners have made what the oil major described as an “encouraging” discovery in a closely-watched exploration well off the coast of Namibia, which could spark a wave of investment in the south African country.

Shell said in a statement that results from the deep water Graff-1 well revealed “the presence of a working petroleum system with light oil” and that Shell and its partners would continue to assess how much oil could be recovered.