TotalEnergies expects to reach a final investment decision (FID) on Namibia’s flagship Venus offshore oil project by the end of July or shortly thereafter.
Chief Executive Officer Patrick Pouyanné said the company is ready to sanction the project once it concludes its remaining discussions with the Namibian government.
“We are ready to declare FID, subject to finalising the discussions with the Namibian government. We are optimistic that the remaining particulars with the Namibian authorities can be addressed for us to be supported as the operator and create greater synergy between the projects,” Pouyanné said.
The announcement follows government approval for TotalEnergies’ proposed asset swap with Galp Energia, removing one of the final hurdles before the investment decision.
Pouyanné said the Ministry of Industries, Mines and Energy approved the transaction last week.
“We have received approval from the Ministry of Energy of Namibia on the Venus project. We are finalising the last steps to close the deal tonight or tomorrow,” he said.
The transaction involves an exchange of participating interests in Petroleum Exploration Licences (PEL) 83, 56 and 91 between TotalEnergies EP Namibia B.V. and Windhoek PEL 28 B.V., a wholly owned subsidiary of Galp Energia.
Venus is operated by TotalEnergies, which holds a 45.25% interest, alongside QatarEnergy (35.25%), Impact Oil and Gas (9.5%) and Namcor (10%).
According to the project’s Environmental and Social Impact Assessment (ESIA), the development could generate between N$127 billion and N$229 billion in government revenue over its estimated 25-year production life, depending on oil prices.
The ESIA also estimates that oil revenues from Venus could contribute between 7.9% and 14.2% of total government revenue under oil price assumptions of US$50 and US$75 per barrel.
A final investment decision would formally commit the consortium to developing the field and represents one of the most significant milestones yet in Namibia’s emerging offshore oil industry.
