Shell Writes Off Namibia Oil Wells, Still Exploring in Country

Shell Plc is still seeking commercial pathways to oil production in Namibia after writing off about $400 million of wells in the southern African country, where multiple energy majors have been excited about large discoveries offshore.

“The discovered resources cannot currently be confirmed for commercial development, and as such, we are required to class the discovered resources as ‘commercial – non-viable’ and take a write-off of the capitalized well spend,” Shell spokesman Nick Ravenscroft said in a statement Thursday. “This is an accounting process and does not represent ongoing efforts in (the block), where we see potential additional opportunities beyond ...