In a development of considerable significance for Namibia’s emerging oil and gas sector, TotalEnergies has revealed the extraordinary scale of its Venus ultra-deepwater project. The initiative is expected to generate subsea contracts valued at more than $2.5 billion (approximately N$45 billion). The French energy conglomerate has initiated the environmental approval process for this ambitious undertaking, providing insight into the sophisticated subsea system that will be deployed to access one of the most substantial oil discoveries in recent years, according to a news report by Upstream.
Situated in the ultra-deep waters of the Orange Basin, approximately 3000 metres below the surface, the Venus project is positioned to become a fundamental element of Namibia’s energy landscape. The development will utilize advanced subsea wells connected to a floating production, storage, and offloading (FPSO) vessel, capable of processing 150,000 barrels of oil daily. This announcement represents a crucial milestone in the project’s advancement, as TotalEnergies prepares to make a final investment decision (FID) in either 2025 or 2026, with initial oil production anticipated between 2029 and 2030.
The Venus project extends beyond being merely a technical achievement; it also represents a potential economic powerhouse for Namibia. The N$45 billion allocated for subsea contracts alone is projected to create significant opportunities for both local and international companies, fostering job creation and skills development throughout the region. The project’s magnitude underscores Namibia’s emergence as a key player in the global oil and gas industry, with the potential to transform the country’s economic outlook and energy independence.
As TotalEnergies progresses with the environmental approval process, the company has emphasized its commitment to sustainable development practices. The ultra-deepwater nature of the project presents unique environmental challenges, particularly regarding the protection of marine ecosystems and the reduction of carbon emissions. TotalEnergies has affirmed its intention to employ cutting-edge technology and industry best practices to mitigate environmental risks, aligning with global energy transition objectives.
Namibia’s Ministry of Environment, Forestry, and Tourism has expressed support for the project’s progress, highlighting the importance of balancing economic growth with environmental stewardship. The ministry views the project as an opportunity to demonstrate how resource development can occur responsibly within a framework of strong environmental governance.
The N$45 billion worth of subsea contracts is anticipated to attract a diverse range of industry participants, from engineering firms to equipment suppliers. The subsea system will incorporate state-of-the-art technology including subsea trees, manifolds, flowlines, and umbilicals, all designed to function effectively in the challenging conditions characteristic of ultra-deepwater environments. Industry experts predict intense competition for these contracts, with both local and international companies competing for shares of this lucrative market opportunity.
A primary focus for the Namibian government is ensuring that local companies and workers derive substantial benefits from the Venus project. Government officials have been collaborating closely with TotalEnergies to develop a comprehensive local content framework aimed at maximizing the participation of Namibian businesses and creating sustainable employment opportunities.
“Local content is a cornerstone of our approach to resource development,” stated Tom Alweendo, Namibia’s Minister of Mines and Energy. “We are committed to ensuring that Namibians play a meaningful role in the Venus project, from construction to operations. This is not just about extracting resources; it’s about building capacity and creating lasting value for our people.”
The Venus project forms part of a broader wave of exploration and development activity in Namibia’s offshore basins. Since the discovery of the Venus field in 2022, the country has attracted considerable interest from major oil and gas companies, including Shell and QatarEnergy. These developments have positioned Namibia as one of the most promising frontiers in the global energy industry.
As TotalEnergies moves closer to a final investment decision, the Venus project is expected to gain additional momentum. The company’s decision to publicize the scale of the subsea system demonstrates its confidence in the project’s viability and its commitment to transparency in its operations.
For Namibia, the Venus project represents far more than just an oil development; it symbolizes the country’s potential and ambition on the global energy stage. With careful planning and collaborative efforts, the project has the capacity to deliver enduring benefits for Namibia’s economy, environment, and population.
Source: Business Express Namibia
