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.

Shell and its partners in Namibia were now exploring other opportunities and pathways towards development of oil and gas offshore of Namibia.

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.

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,