Chamwe Kaira
Namibia’s Venus offshore development project is expected to become one of the country’s biggest economic contributors, with potential GDP gains of between N$536 billion and N$800 billion over its 25-year lifespan, according to its environmental and social impact assessment (ESIA).
TotalEnergies EP Namibia B.V. (TEEPNA) and its joint venture partners, QatarEnergy International and NAMCOR, hold a Petroleum Exploration Licence for PEL56/Block 2913B, located off the southern coast of Namibia.
Based on exploration and appraisal activities, the companies are studying the feasibility of developing the Venus field to produce light crude oil.
The Venus field lies 300 km from Oranjemund, 320 km from Lüderitz, and 700 km from Walvis Bay, in deep water about 80 km from Namibia’s Exclusive Economic Zone border.
Once operational, the crude oil will be sold on global markets, with prices and production volumes determining the project’s overall contribution.
The ESIA projects that the Venus development could contribute between 13% and 18% of Namibia’s GDP during its peak years, before declining to between 2% and 7% as production falls.
Oil from Venus will introduce a new export commodity for Namibia, potentially reshaping the country’s trade balance. The total export value is expected to range between N$593 billion and N$888 billion over 25 years, accounting for 10% to 40% of total exports during most of the production period.
Government revenue from taxes, royalties, and other payments is projected to reach between N$127 billion and N$229 billion, representing about 8% to 14% of total government income at peak production.
The ESIA notes that the overall impact will depend on oil prices, government policy, and how revenue is managed and reinvested.
The project is also expected to create jobs across various phases.
During drilling and installation, around 5 000 jobs will be created—500 direct, 2 000 indirect through suppliers, and 2 500 induced jobs in related sectors. Once production begins, employment is expected to increase to 7 000 jobs, including 600 direct, 600 indirect, and 5 800 induced positions, with opportunities spread across the country, especially in coastal towns.
The joint venture partners have pledged to train and upskill Namibians to ensure long-term participation in the oil and gas sector and related industries.
The ESIA also highlights social and environmental considerations. It warns that an influx of job seekers could strain housing and public services in Lüderitz and Walvis Bay. “Municipalities are urged to proactively plan for increased pressure on land, housing, and public services. Impacts on fishing and shipping activities are considered minimal, as the project’s safety zones overlap only slightly with active fishing areas and occupy a small portion of busy shipping routes. Environmentally, most of the project’s negative impacts are rated low to negligible under normal conditions,” the report said.
Caption
The Venus project is expected to earn Namibia billions.
- Photo: Contributed
