In April-May, 2001, the previously reported experiment to synthesize element 118 using the $^{208}$Pb($^{86}$Kr,n)$^{293}$118 reaction was repeated. No events corresponding to the synthesis of element 118 were observed with a total beam dose of 2.6 x 10$^{18}$ ions. The simple upper limit cross sections (1 event) were 0.9 and 0.6 pb for evaporation residue magnetic rigidities of 2.00 $T m$ and 2.12 $T m$, respectively. A more detailed cross section calculation, accounting for an assumed narrow excitation function, the energy loss of the beam in traversing the target and the uncertainty in the magnetic rigidity of the Z=118 recoils is also presented. Re-analysis of the primary data files from the 1999 experiment showed the reported element 118 events are not in the original data. The current results put constraints on the production cross section for synthesis of very heavy nuclei in cold fusion reactions.