TotalEnergies is targeting a final investment decision (FID) on its Venus oil discovery offshore Namibia in the coming months, as discussions with the Namibian authorities progress on the development of the project.
TotalEnergies Chairman and Chief Executive Officer Patrick Pouyanné said Venus remains one of the company’s major discovered resources awaiting sanction, with both the company and the Namibian authorities seeking to move the project towards development.
“So there is a discussion there, with discussions progressing with the authorities, and I’m optimistic. Everybody wants to make that project happen and reach that sanction,” Pouyanné said.
“So it’s a matter of weeks, but we need to be patient sometimes. That’s the point. This is where we are. We are working to sanction the project in the coming months. That’s the situation, I would say, for Namibia.”
TotalEnergies said development work on Venus is progressing, with projected capital expenditure now broadly in line with expectations despite the reservoir’s lower permeability, which has presented additional development challenges.
The company has increased the planned production plateau for Venus to 160,000 barrels per day, with Pouyanné describing the development as roughly comparable in size to TotalEnergies’ GranMorgu project.
Venus is one of the most advanced discoveries in Namibia’s Orange Basin and a potential cornerstone of the country’s emerging offshore petroleum industry.
TotalEnergies also identified the Mopane discovery as an important part of its longer-term production strategy, with Venus and Mopane among the projects expected to support the company’s objective of maintaining oil production at around three million barrels per day between 2030 and 2035.
Pouyanné said TotalEnergies is working closely with Galp on Mopane, with a drilling rig expected to arrive in Namibia in mid-November for a three-well campaign.
“We are working together in close cooperation with Galp. We intend to bring in a rig, which should arrive in mid-November, to drill three wells in sequence,” he said.
“The objective is to reach a final investment decision on Mopane by 2028. We have three wells to drill. In fact, one of these wells is for exploration, while the others are more for appraisal.”
Pouyanné said the drilling programme is intended to provide further information on the size and configuration of the discovery before the partners settle on a development concept.
“The objective is to make sure that we do not develop an undersized project or one that is not optimally located,” he said.
TotalEnergies is also planning further exploration in Namibia’s Orange Basin, including drilling linked to the Mopane extension and two prospects on Petroleum Exploration Licence 83.
The company said its exploration activities in Namibia, alongside projects in Suriname, Cyprus and the US offshore, are expected to support its target of achieving annual production growth of 2% to 3% beyond 2030.
