Chevron on Wednesday said it did not find commercial hydrocarbon reserves in an exploration well in Namibia’s Orange Basin.
The U.S. oil producer said the well provided valuable information about the basin and the company anticipated it would explore further in Namibia.
Oil companies have flocked to the African country, with recent offshore finds ranking among the largest this century, though exploration has been dealt some blows.
This comes as Shell last week announced that it will write down about US$400 million 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.-reuters
