Namibia: Shell re-enters offshore

Royal Dutch Shell has acquired blocks 2913A and 2914B in the Orange Basin from Signet Petroleum, which is 42% owned by AIM-listed Polo Resources. Shell has bought Signet’s 90% interest in the blocks, with National Petroleum Corporation of Namibia retaining its 10% carried interest. The acreage borders Shell’s Orange Basin Deep Water Block off the west coast of South Africa, where the company acquired 8,500km2 of 3D seismic last year and is looking for a farm-in partner. Signet announced on 12 February that it had concluded a transaction for the sale of its interests “to a major international oil company in a confidential transaction”.