Namibia expects French oil giant TotalEnergies to make a final investment decision (FID) on its major Venus oil discovery in the fourth quarter of 2026, according to the country’s Petroleum Commissioner, Maggy Shino.
Speaking at the Invest in African Energy (IAE) 2025 forum in Paris, Shino said the company was likely to submit its first oilfield development plan for the Venus project by June or July this year.
In a further update on the country’s emerging energy sector, Shino also confirmed that Namibia aimed to finalise another field development plan in June—this time with Norway’s BW Energy—focused on the smaller Kudu gas field.
A final investment decision on that project according to Shino ,is also expected by the end of 2026.
The announcements come as Namibia pushes ahead with ambitions to become a major oil and gas producer, despite some recent setbacks.
In January, Shell downgraded the commercial viability of its own Namibian discoveries, citing a high gas content that could make development less attractive.
The decision dampened some of the early optimism surrounding the country’s potential.
TotalEnergies, however, remains more upbeat. Chief Executive Patrick Pouyanné has previously stated that the company is confident in its ability to navigate the geological complexities of the Venus field.
Still, he noted that a final decision would hinge on whether production costs can be held below the group’s $20 per barrel threshold.
“It takes two to tango,” Pouyanné said during the company’s first-quarter results call last month, referring to ongoing negotiations with the Namibian government over cost-sharing. “Talks are still premature,” he added.
The Venus oilfield, initially expected to reach a production capacity of 160,000 barrels per day, is now targeting 150,000 barrels per day, reflecting revised projections from the company’s investor day in October.
Pouyanne had previously set the end of 2025 as the FID timeline during an April earnings call.
TotalEnergies holds a 45.25% stake in the Venus field, located in offshore block 2913B. Its partners include QatarEnergy (35.25%), Impact Oil and Gas, a subsidiary of Africa Oil (9.5%), and Namibia’s state-owned NAMCOR (10%).
BW Energy, meanwhile, controls 95% of the Kudu gas prospect, with NAMCOR holding the remaining 5%.
