Shell Is Ready To Lose $140mln

Shell decided to quit the project of gas explosion in Namibia (In which it invested $140mln) after a number of tests had proved insufficiency of wells. Shell has the majority 75% share in the project, Primary research showed that gas reserves were sufficient to meet the current electricity demands of the Cape metropolitan area for more than 200 years. But the multinational oil company said that exploitable reserves discovered during the drilling of four test wells would not be sufficient to support an export scheme. The other partners in the project, ChevronTexaco and Energy Africa, will announce their decision later. The government has already been informed about insufficient data.

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