Shell’s decision to write down about $400 million for an offshore oil discovery in Namibia, which it deemed commercially unviable, is merely a “hump” in the Southern African nation’s oil and gas ambitions, according to its Energy Minister.
The British oil major and its partners, QatarEnergy and Namibia's national oil company, made their first hydrocarbon discovery in block PEL39 in 2022.
Alongside a discovery by TotalEnergies, this sparked significant global interest in Namibia, a country without existing oil and gas production.
Over the past three years, Shell has drilled nine wells in the licence, resulting in multiple discoveries.
However, the company is now facing technological challenges in developing the resources. Shell said that the oil and gas resources discovered in Namibia's offshore block PEL39 “cannot currently be confirmed for commercial development”.
Shell did not immediately respond to a request for comment.
Industry observers consider Shell's decision a setback for Namibia's ambition to emerge as a major regional oil producer. The country aims to commence its first oil production by 2029.
Despite the presence of resources in commercial quantities, the company has determined that, with its current technology, it is not economically feasible to extract them, Tom Alweendo, Minister of Mines and Energy of Namibia, told The National on Sunday on the sidelines of International Renewable Energy Agency (Irena) Assembly in Abu Dhabi.
“It does not mean that they are going to walk away from it, simply meaning that they have to figure out how [the resources] could be extracted in a more economical way [with the use of] better technologies,” he said.
“For us, we say, this is probably just a hump or a bump in the journey … we do not see this as the end of our dream to have oil and gas at some point.”
Namibia has been looking to invest in all forms of energy, including renewable power and, more recently, nuclear.
The country, one of the world’s largest uranium producers, has been seeking investments from China in nuclear, solar, and wind power. Chinese companies hold majority stakes in two of the country’s most productive uranium mines.
After a meeting with Chinese Foreign Minister Wang Yi last week, Namibian President Nangolo Mbumba was quoted by media as saying: “We want to add value to our uranium for the peaceful development of nuclear energy.”
Mr Alweendo said on Sunday that relying on renewable energy is insufficient for industrialisation, emphasising the need for a stable baseload power source, such as hydro, biomass, or nuclear.
Namibia is still in the early stages of considering whether nuclear power should be included as part of its long-term energy mix, he said.
The country’s domestic electricity supply has struggled to meet growing demand, with Namibia generating less than half of the energy it consumes. Historically, the country has depended on electricity imports from South Africa and other neighbouring countries, but South Africa's economic challenges have strained its domestic power generation, limiting its export capacity. Namibia’s power purchase agreement with South African utility company Eskom is set to expire this year.
The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press
UAE currency: the story behind the money in your pockets
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
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What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
