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Tuesday, February 18, 2014
News out of Namibia has major oil and gas company Royal Dutch Shell ready to drill offshore the country, according to the country’s Minister of Mines and Energy Isak Katali. Shell has taken over exploration blocks 2913A and 2914B in the Orange Basin from Signet Petroleum, acquiring a 90% stake in the two blocks.
It was reported earlier this month by Signet’s 42% shareholder, Polo Resources, that Signet’s interests had been sold to a “major international oil company in a confidential transaction.”
It was not reported how much Shell paid for the 90% stake in the blocks.
“The Ministry of Mines and Energy is very excited about the interest shown by a super-major such as Shell Exploration and Production in Namibia,” Katali said in a statement.
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