Chamwe Kaira
TotalEnergies says offshore oil production in Namibia could begin around 2029 or 2030, subject to regulatory approvals and the timing of a final investment decision.
The timeline was outlined by Gabin Poizat, press officer for exploration and production at TotalEnergies SE Corporate Communications, who said the start date will depend on how quickly key approvals and project decisions are completed.
Poizat told Observer Money that following a transaction announced in December, TotalEnergies will hold operated interests in three offshore petroleum exploration licences in Namibia’s Orange Basin.
The company will own a 40% operated interest in PEL 83, which hosts the Mopane discoveries, alongside Galp with 40%, Namcor with 10%, and Custos with 10%.
TotalEnergies will also hold a 35.25% operated interest in PEL 56, which contains the Venus discovery. Its partners in that licence are QatarEnergy with 35.25%, Galp with 10%, Namcor with 10%, and Impact with 9.5%.
In addition, the company will own a 33.085% operated interest in PEL 91, alongside QatarEnergy with 33.025%, Namcor with 15%, Galp with 9.39%, and Impact with 9.5%.
Poizat said the Venus project has a defined development concept, with partners working to secure the conditions required for a potential final investment decision in 2026.
He said the Mopane discovery remains at the exploration and appraisal stage.
A three-well drilling campaign is planned to begin in 2026 to further assess the resource and advance the project toward development.
Poizat referred to comments made by TotalEnergies chairman and chief executive officer Patrick Pouyanné during the company’s Investor Day on 29 September 2025.
At the time, Pouyanné said a start-up of the Venus project by 2030 was possible, depending on when the project is sanctioned.
During the Investor Day, Pouyanné said Namibia’s position as a new oil and gas producer means authorities need time to review and approve development plans.
He said TotalEnergies has submitted a development plan for Venus and is engaging with contractors, with early bids indicating a project cost of between US$10 billion and US$11 billion.
He said the field’s low permeability and the requirement for gas reinjection would limit plateau production to about 150 000 barrels per day, despite estimated reserves of about 750 million barrels of oil.
He stated that a longer period could sustain the production plateau.
Pouyanné said discussions are continuing on a possible licence extension and stressed the need for confidence from all parties before committing to a deepwater project of this scale in a new producing country.
Namibian authorities have indicated a preference for the Venus project to begin production by 2029.
Pouyanné said meeting that target would require a final investment decision within a short period and described a 2029 or 2030 start-up as a potential upside scenario.
TotalEnergies said it remains ready to develop Namibia’s first deepwater oil project, provided there is alignment between the company and authorities on the conditions needed to move the project forward.
Caption
Patrick Pouyanné, chairman and chief executive officer of TotalEnergies and Paula Amorim, chairman of Galp, during a joint meeting last week with President Netumbo Nandi-Ndaitwah.
- Photo: Presidency Namibia
