Posted by John Donovan: 10 Jan 25
Shell Pops Namibia’s Oil Dream: “Uneconomic” Finds and the Usual Greed-First Spin
Shell, the corporate maestro of broken promises and environmental carnage, has graced us with yet another chapter in its saga of disappointment. This time, the scene is Namibia’s Orange Basin, where Shell’s much-hyped oil and gas discoveries have turned out to be—wait for it—uneconomic. But don’t worry, they’ll still keep sniffing around for more profit opportunities while the Namibian government watches its oil boom fantasies evaporate. Classic Shell
Namibia’s Bubble Bursts
Shell, ever the bearer of bad news (but only for others), announced that its high-profile discoveries in Namibia’s Orange Basin—yes, the same discoveries that caused all that buzz—are not commercially viable. The company is now writing off the cost of exploration wells in its Petroleum Exploration Licence (PEL) 39, sending a clear message: Oops, our bad luck. But hey, the licence still has potential, so don’t stop hoping (or paying).
This comes as a major slap in the face for Namibia, whose government has been eagerly pushing Shell and other operators to fast-track production from the basin’s supposedly bountiful reserves. Turns out, Shell’s five discoveries in the area are more mirage than miracle
The Spin Machine at Full Throttle
But wait! Before you start thinking Shell is walking away, let’s hear it from their PR department. The write-off, according to Shell, is merely an “accounting process.” Because who doesn’t love a good euphemism? And in true Shell fashion, they’ve reassured everyone that they’re still “seeking ways to monetise these finds” while keeping their greedy eyes peeled for other opportunities in Namibia.
Translation: “We’ll squeeze every drop of profit we can from this license and maybe wreck some more ecosystems along the way. Stay tuned.
Who’s Really Paying the Price?
The real tragedy here isn’t Shell’s financial write-offs—it’s the blow to Namibia’s hopes of leveraging its natural resources for economic growth. The Namibian government, lured by the promise of oil wealth, had high expectations for Shell’s discoveries. Now, they’re left holding the bag while Shell shrugs its corporate shoulders and keeps chasing its next payday
BlackRock and Vanguard: Silent Partners in Greed
As usual, Shell’s largest investors, BlackRock and Vanguard, are nowhere to be found in the conversation. Why should they be? Their portfolios aren’t hurt by a few “uneconomic” discoveries in Namibia. As long as Shell keeps finding ways to generate returns—whether by monetising these finds, expanding LNG, or abandoning renewables—these institutional investors will stay comfortably complicit.
Shell’s Real Legacy in Namibia
Let’s be clear: Shell’s involvement in Namibia has never been about sustainable development or uplifting local communities. It’s about profits—full stop. This is the same company that left a trail of environmental destruction in Nigeria’s Niger Delta, fought tooth and nail against emissions reductions, and continues to greenwash its operations while doubling down on fossil fuels.
Now, in Namibia, Shell has pulled a classic move: generate hype, secure the licences, drill the wells, and when it doesn’t pan out, shift gears while spinning the narrative to maintain shareholder confidence.
What the Actual F*ck, Shell?
Namibia deserved better, but Shell doesn’t do “better.” They do “more.” More exploration, more environmental risk, and more empty promises—all while hiding behind accounting jargon and corporate spin. Whether it’s in the Orange Basin or any other frontier region, Shell’s playbook remains the same: take what you can, spin what you can’t, and leave the fallout for someone else to deal with.
So here’s to Shell, the ultimate sin stock. Always chasing profits, never taking responsibility, and proving yet again that when it comes to corporate ethics, the bar is in the basement—and Shell is busy drilling beneath it.
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