Chevron says it has not found commercial oil or gas in an exploration well in Namibia – 01/15/2025 at 7:30 p.m.

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

(Added information on prospecting in Namibia in paragraphs 3-5) by Ron Bousso

Chevron CVX.N said on Wednesday it had not found commercial hydrocarbon reserves in an exploration well in Namibia’s Orange Basin.

The US oil producer said the well provided valuable information about the basin and the company planned to continue exploration in Namibia.

Oil companies have flocked to the site in the African country, where recent offshore discoveries are among the biggest of the century, although exploration has suffered some setbacks.

Shell said last week it would write down about $400 million for an oil discovery off Namibia that it deemed commercially unviable.

Namibia’s national oil company said in April it had signed a development agreement with Chevron for the company to take an 80% operational stake in an offshore block in the Walvis Basin.