TotalEnergies is targeting a Final Investment Decision (FID) for its Venus oil project offshore Namibia by July 2026, a date confirmed by Namibian Petroleum Commissioner Maggy Shino. This would mark the first-ever FID for a Namibian oil and gas project.

Project Details and Timeline

The Venus project is a technically complex deepwater development located at a depth of 3000 meters, which would make it the world's deepest. The plan involves 40 subsea wells tied back to a floating production, storage and offloading vessel with a capacity of 160,000 barrels per day. If sanctioned by mid-2026, first oil is anticipated between 2030 and 2031.

Key Requirements for Final Approval

TotalEnergies has submitted the field development plan (FDP) to the government and considers the project technically ready. However, the company emphasizes that securing a production licence with "good conditions" is critical for reaching FID. Ongoing discussions with the government are largely focused on obtaining eased fiscal terms, justified by the project's technical complexity and deepwater challenges.

Current Status and Next Steps

Company executives stated that momentum is crucial for project approvals. The immediate next steps involve the government's quick review and processing of the submitted field development plan and the environmental and social impact assessment. TotalEnergies is committed to working towards the July 2026 decision, highlighting that the project would generate about 5000 direct jobs in Namibia during its development phase.