Wael Sawan, the CEO of Shell, has announced the company's plans to embark on two additional drilling initiatives in Namibia within the upcoming 6 to 9 months. The decision comes in light of the "encouraging data" that suggests the potential development of a new oil basin in the southern African nation. Sawan shared this information during a recent call with analysts, outlining Shell's intentions to undertake an exploration well, an appraisal well, and a flow test at its offshore exploration licenses in Namibia.

Emphasizing the positive data insights, Sawan stated, "There is a lot of encouraging data that we have identified," highlighting the company's growing confidence in the prospects of the region. Namibia currently lacks any oil and gas production, making these upcoming drilling efforts a significant milestone for the nation's energy sector.

Shell is dedicating a substantial portion of its deepwater exploration budget to its endeavors in Namibia, accounting for approximately one-quarter of the total budget, Sawan further revealed. Notably, the company's global exploration budget amounts to approximately $1 billion, underscoring the strategic importance and potential opportunities that Shell sees in Namibia's offshore reserves.

The announcement signifies Shell's continued commitment to the exploration and potential development of resources in new frontiers, reaffirming the company's role as a major player in the global energy landscape.