TotalEnergies is advancing its Venus deepwater oil discovery offshore Namibia toward a potential final investment decision (FID) by the end of 2026, with first oil targeted as early as 2030 — a milestone that would mark the birth of Namibia’s deepwater oil industry and deliver one of the most significant energy developments on the African continent in decades.
The Venus discovery sits within Block 2913B, approximately 8,215 square kilometres in extent and located in water depths of up to 3,000 metres off southern Namibia. TotalEnergies EP Namibia operates the block with a 50.5 per cent interest, alongside QatarEnergy at 30 per cent, NAMCOR at 10 per cent, and Impact Oil & Gas Namibia at 9.5 per cent.
According to Canada-based Meren, which holds an effective 3.8 per cent indirect interest through its shareholding in Impact, the front-end engineering and design (FEED) scope for the project has been finalised, providing what the company describes as a mature technical basis for development planning. TotalEnergies has also submitted a field development plan (FDP) to Namibian authorities, which is currently under regulatory review — a formal step that initiates engagement toward a potential FID.
Phase 1 of the Venus development is designed to recover approximately 750 million barrels of oil at a planned production rate of around 150,000 barrels per day, using a large-scale deepwater subsea system tied back to a floating production, storage, and offloading (FPSO) vessel. Capital costs have been firmed up through competitive engineering, procurement, and construction (EPC) bidding. The development design also incorporates associated gas reinjection to minimise emissions intensity.
Namibia is preparing its port infrastructure and policy framework in parallel to support the project launch, which authorities and TotalEnergies alike describe as the anchor project for the country’s first deepwater oil development. All timelines remain subject to completion of regulatory, fiscal, and environmental approvals.
Source: namibiaoilandgas.com