TotalEnergies is awaiting approval of its field development plan for the Venus discovery offshore Namibia, with the project expected to generate around 5,000 direct and indirect jobs, Senior Vice President for Africa Mike Sangster said.
Speaking at the Namibia International Energy Conference 2026, Sangster said the company is advancing regulatory engagement and technical planning ahead of a targeted final investment decision (FID) in 2026.
The Venus project, located more than 320 kilometres offshore in deepwater conditions, forms part of Namibia’s expanding upstream oil and gas sector, which is attracting increasing investment and exploration activity.
TotalEnergies said the development is expected to contribute to revenue generation, skills development and the establishment of industrial capabilities linked to large-scale offshore production.
“Let’s preserve this competitiveness, maintain contractual alignment, and secure favourable conditions for project delivery. Our final investment decision for Venus will be a key step for Namibia, generating revenue, skills and industrial capabilities, and we expect the project to create about 5,000 direct and indirect jobs,” Sangster said.
He said the project requires advanced engineering and execution capabilities due to its offshore location and technical complexity, with development planning continuing while approvals are being finalised.
Sangster added that the company is progressing preparatory work alongside regulatory processes to position the project for execution once approvals are secured.
“We are not waiting for the final investment decision to act. We are already advancing key initiatives, including the development of an energy academy to support skills development, which we are targeting to establish by mid-2026,” he said.
He said further exploration and appraisal activities are planned to better define the resource base and support subsequent development phases.
“We will continue with exploration and appraisal to understand the size of the resource and support future development decisions,” Sangster said.
Drilling and appraisal campaigns are expected to continue through 2026 and 2027, with additional investment decisions to follow based on confirmed resource potential.
Sangster said maintaining momentum and stable regulatory conditions will be critical to ensuring project delivery and long-term sector development.
The update comes as the Namibian government has begun reviewing the Field Development Plan (FDP) submitted by TotalEnergies for the Venus project, marking a key step towards formal negotiations and a final investment decision.
Prime Minister Tjitunga Elijah Ngurare said the upstream petroleum unit in the Office of the President has started the initial technical review of the plan.
“On the technical front, the Unit has commenced the first stage of reviewing and providing input on the Field Development Plan submitted by TotalEnergies, marking an important initial step towards formal negotiations and a final investment decision,” he said.
According to the project’s environmental and social impact assessment (ESIA), the Venus development is projected to generate between N$127 billion and N$229 billion in government revenue over a 25-year period.
The report estimates that oil revenues could account for between 7.9% and 14.2% of total government income, based on oil price assumptions of US$50 and US$75 per barrel.
The project is being advanced by a joint venture led by TotalEnergies (45.25%), alongside QatarEnergy (35.25%), Impact Oil and Gas (9.5%) and the National Petroleum Corporation of Namibia (Namcor) with 10%.
