TotalEnergies has allocated an estimated N$5.7 billion for exploration and appraisal work in Namibia in 2024.
“So, clearly, Namibia is at the top of our spending priorities for exploration and appraisal. We’ll allocate around 30% of our exploration and appraisal budget to Namibia again in 2024, because we need to continue assessing the best approach for development,” TotalEnergies CEO Patrick Pouyanné said during the company’s 2023 Results & 2024 Objectives presentation.
He said the oil major, which announced a new discovery at its Mangetti-1X well, potentially boosting the existing recoverable resource base on Block 2913B, was also exploring a potential well south of Venus called Kokerboom.
“So regarding Mangetti, I can tell you, we found hydrocarbons again in Mangetti. We also found the hydrocarbon level of Venus extending to the north. As mentioned by one of my peers, we share the data with our neighboring peer. Through the various appraisal wells and tests, it’s clear that it’s not a homogeneous field. We have another potential exploration well south of Venus called Kokerboom, and we can also continue appraising what has been discovered,” Pouyanné said.
“I reiterate that on our side, we see a clear initial development in our hands, and now it’s a matter of optimization. We’ll continue drilling. There’s much discussion within the company because everyone is excited.”
The update also confirmed that the drilling of Venus-2A, the fourth appraisal well on the giant Venus discovery, is underway using the Deepsea Mira rig.
“The positive results of the Mangetti-1X well present us with a new opportunity, potentially adding to the recoverable resource base on Block 2913B. Our involvement in Block 2913B continues to be exciting, with further work underway to understand the potential of Mangetti, alongside the Venus-2A appraisal well, currently drilling,” said Africa Oil President and CEO, Roger Tucker.
Petroleum Exploration License 56, Block 2913B, is located offshore southern Namibia and covers approximately 8,215 km² in water depths between 2,450m and 3,250m.
Impact Oil & Gas, in which Africa Oil has an interest through its 31.1% shareholding, currently holds a 20.0% interest in the block. TotalEnergies, the operator, holds a 40% interest, QatarEnergy holds a 30% interest, and NAMCOR, the Namibian state oil company, holds a 10% interest.
