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Chevron also comes up short in Namibia energy exploration
Chevron said it did not find commercial hydrocarbon reserves in an exploration well in Namibia's Orange Basin. The US oil producer said the well called Kapana 1X in the PEL90 block provided valuable information about the basin and the company anticipated it would explore further in Namibia.
A 3D printed natural gas pipeline is placed in front of displayed Chevron logo. Source: Reuters/Dado Ruvic
Oil companies have flocked to the country, with recent offshore finds ranking among the largest this century, though exploration has been dealt some blows.
Shell said last week that it will write down about $400m over an oil discovery offshore Namibia that it deemed commercially unviable.
Namibia's national oil company said in April it signed a development deal with Chevron to have the company take an 80% operating working interest in an offshore block in the Walvis Basin.
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Source: Reuters
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