Namibia Tempers Oil Expectations After Recent Drilling Campaigns
Johannes Gawaxab
Source: Bank of Namibia
This article is for subscribers only.
Namibia is taking a more cautious view on its long-term oil prospects after the latest exploration wells failed to add to a string of discoveries that started about three years ago.
Chevron Corp. and TotalEnergies SE are among explorers that reported drilling duds in recent months, while Galp Energia SGPS SA and Rhino Resources this week each said they’re studying the results of their own campaigns. Last month, Shell Plc said it wrote off about $400 million of non-viable wells.