TotalEnergies’ 750-million-barrel project offshore Namibia targets first oil in 2030

France-headquartered energy giant TotalEnergies is setting the stage to bring online its deepwater oil discovery in the Orange Basin off the coast of Namibia, as the African country enhances port infrastructure and policy framework ahead of the project launch, which is seen as a growth driver for the nation’s offshore energy industry.

TotalEnergies’ Venus discovery in Block 2913B remains the most advanced offshore development project in Namibia, according to the firm’s partner, Canada-headquartered Meren, which holds an effective 3.8% indirect interest in the discovery through its shareholding in Impact. As the front-end engineering and design (FEED) scope has been finalized, this is said to provide a mature technical basis for development planning.

Located offshore southern Namibia, Block 2913B covers approximately 8,215 square kilometers in water depths up to 3,000 meters. PEL 56 is operated by TotalEnergies EP Namibia, which has a 50.5% interest, while QatarEnergy holds a 30% stake, NAMCOR 10%, and Impact Oil & Gas Namibia the remaining 9.5%.

Venus, which is described by the operator and the government as the anchor project for the country’s first deepwater oil development, is considered to be a fully appraised discovery with a defined development concept, entailing a large-scale deepwater subsea system tied back to a floating production, storage, and offloading vessel (FPSO), consistent with comparable deepwater developments globally.

TotalEnergies has submitted a field development plan (FDP) for Venus, which is under review by the Namibian authorities, initiating formal engagement toward a potential final investment decision (FID), subject to completion of regulatory, fiscal, and environmental processes.  

The French giant expects the Venus phase 1 development to recover approximately 750 million barrels of oil, with a planned production capacity of around 150,000 barrels per day. The development concept targets first oil potentially in 2030, subject to FID timing by the end of 2026.

These timelines and metrics remain forward-looking and contingent on regulatory approvals, fiscal finalization, and execution milestones. The company has indicated that estimated capital costs have been firmed up through competitive engineering, procurement, and construction (EPC) bidding, supporting readiness for the potential FID in 2026.

The project design incorporates measures to minimize emissions intensity, including reinjection of associated gas and a stated development objective of maintaining a comparatively low upstream emissions profile for a deepwater project. As the project maturation continues, Namibia is preparing for potential offshore oil and gas development.

The country’s oversight of the upstream sector has been consolidated within a dedicated unit in the Office of the President, with responsibility for technical review of development plans, coordination of fiscal and regulatory matters, and petroleum governance, including local content considerations.

In addition, government communications indicate ongoing consultation on petroleum legislation and a national local content framework, with an emphasis on skills development, domestic supplier participation, and institutional capacity ahead of any future production.

The Namibian Ports Authority has also outlined phased expansion plans for Lüderitz and Walvis Bay to support offshore energy activities, including oil and gas supply base capacity, quay wall expansions, and the interim use of existing facilities during early project phases.

“Disclosures by both the operator and government consistently frame Venus as a potential catalyst for establishing Namibia as a new deepwater oil producer. While typical execution risks remain for a frontier offshore development, ongoing regulatory engagement, a finalized FEED package and firmed capital cost estimates support continued progress towards FID,” highlighted Meren.

Power Your Brand With Offshore Energy ⤵️

Take the spotlight and anchor your brand in the heart of the offshore world!

Join us for a bigger impact and amplify your presence at the core hub of the offshore energy community!

ADVERTISE on Offshore-Energy.biz