Exploring Namibia’s Oil and Gas Potential: TotalEnergies Delays FID for Venus Discovery

France’s energy giant TotalEnergies has decided to bump a final investment decision (FID) to next year for its giant oil discovery in the Orange Basin off the coast of Namibia. However, the firm has lined up drilling activities at two prospects in the African country for 2025.

The Rise of Namibia as an Exploration Hotspot

Following TotalEnergies’ Venus-1 and Shell’s Graff-1, La Rona-1, and Jonker-1 discoveries, which were interpreted to prove a working light oil system offshore Namibia, the African country started turning into an exploration hotspot. As a result, many oil and gas players began engaging in more drilling activities.

Discovery and Appraisal of Venus Field

The French player’s ultra-deepwater Venus-1X exploration well was drilled at the beginning of December 2021, resulting in the discovery of a light oil and associated gas field approximately 290 kilometers off the coast of southern Namibia. TotalEnergies planned to embark on a multi-well drilling program offshore Namibia before the end of February 2023.

After the appraisal of the giant Venus light oil accumulation via the drilling and testing of several appraisal wells, activities began to progress the first development area, with a Phase 1 development scheme expected to be finalized by the end of 2025.

Postponement of FID and Future Prospects

While the JV partners are progressing with fast-tracking the development studies of a potential Venus development, TotalEnergies has decided to postpone the FID for the project to 2026. The company also confirmed plans to drill the Marula prospect in the first quarter of 2025 and the Olympe prospect by year-end.

Continued Exploration Activities in Namibia

Namibia’s offshore arena continues to attract attention, offering the promise of more hydrocarbons. However, exploration activities do not always yield the anticipated result, as seen with recent drilling activities by other oil majors in the region.

This dynamic landscape underscores the importance of ongoing exploration and appraisal efforts in unlocking Namibia’s oil and gas potential.

Conclusion

As TotalEnergies navigates the complexities of developing the Venus field and exploring new prospects in Namibia, the country’s oil and gas sector remains a focal point for industry players seeking to capitalize on its tremendous hydrocarbon potential. With continued exploration and development efforts, Namibia is poised to become a significant player in the global energy landscape.