Shell will write down around $400 million over an oil discovery offshore Namibia that it deemed commercially unviable in a blow to the southern African country's efforts to become a crude producer. Shell told Reuters that discovered oil and gas resources in offshore block PEL39 in Namibia "cannot currently be confirmed for commercial development.

Shell has determined that an oil discovery off the coast of Namibia is not commercially viable, leading to a projected write-down of around $400m (£325.52m), reported Reuters. This decision is a setback for Namibia's ambition to establish itself as an oil producer.

There have been several oil explorations by major oil conglomerates in the Southern African country of Namibia in recent years. Shell has announced a $400 million write-down related to an offshore oil discovery in Namibia,

Shell Plc began production at its ‘Whale’ floating facility in the Gulf of Mexico, which is expected to reach daily peak production of 100,000 barrels of oil equivalent.

Shell (NYSE:SHEL) said Thursday it began production at its Whale floating facility in the Gulf of Mexico, which is expected to reach peak output of 100K boe/day; Whale is operator and 60% owned by Shell,