TotalEnergies is targeting a final investment decision (FID) on its Venus oil development offshore Namibia as early as July 2026.
Speaking at the Namibia International Energy Conference (NIEC) 2026, TotalEnergies Namibia Managing Director and Country Chair Mariam Kane-Garcia said the company is progressing towards a near-term investment decision, subject to the completion of key technical and regulatory processes.
She said the Venus development, located in Block 2913B, represents a major step in unlocking Namibia’s offshore resources and is being advanced in close coordination with government and industry partners.
“We are working to be in a position to take the Venus final investment decision around July as we finalise the required processes,” Kane-Garcia said.
Kane-Garcia added that the project forms part of a broader development strategy involving multiple offshore assets, creating opportunities for shared infrastructure and coordinated industry growth.
She said Namibia’s emerging oil sector will require collaboration among operators to optimise costs, logistics and supply chain capacity, particularly given the scale of deepwater developments.
According to Kane-Garcia, while technical work on Venus has progressed significantly, regulatory approvals, environmental assessments and commercial frameworks still need to be finalised before FID can be reached.
“We are technically ready, but we still need to complete regulatory and commercial processes to support the final investment decision,” she said.
She added that TotalEnergies is working closely with the government, the National Petroleum Corporation of Namibia (NAMCOR) and joint venture partners to ensure alignment ahead of the investment decision.
Kane-Garcia said the company’s presence in Namibia is long term, with a focus on building a sustainable industry that delivers both economic and social value.
She said developing local capacity, integrating Namibian suppliers and strengthening partnerships will be central to the project’s success.
“This is about building a long-term industry that creates value for Namibia and its people,” Kane-Garcia said.
The Venus development is being advanced by a joint venture led by TotalEnergies, which holds a 45.25% stake, alongside QatarEnergy (35.25%), Impact Oil and Gas (9.5%) and NAMCOR (10%).
