Chevron announced that its exploration well, Kapana 1X, in Namibia’s Orange Basin did not uncover commercially viable hydrocarbon reserves.
The U.S. oil giant shared that the well, located in the PEL90 block, offered valuable insights into the basin, and it plans to continue its exploration efforts in Namibia.
International oil companies have been drawn to Namibia following massive offshore discoveries, but some exploration projects have faced setbacks.
Last week, Shell revealed plans to write down approximately $400 million after determining that an oil discovery offshore Namibia was not commercially viable.
In April, Namibia’s national oil company finalized a development agreement with Chevron, granting the company an 80% operating working interest in an offshore block within the Walvis Basin.
African Energy Council