In a major development for Namibia’s growing oil and gas sector, TotalEnergies has revealed the massive scale of its Venus ultra-deepwater project, expected to generate over $2.5 billion (around N$45 billion) in subsea contracts. The French energy giant has initiated the environmental approval process for the project, which will deploy an ambitious subsea system to tap into one of the largest oil discoveries in recent years, according to a recent Upstream report.
Located in the ultra-deep waters of the Orange Basin, approximately 3000 metres beneath the surface, the Venus project is set to become a cornerstone of Namibia’s energy future. The development will use subsea wells connected to a floating production, storage, and offloading (FPSO) vessel capable of processing 150,000 barrels of oil per day. This milestone brings the project closer to a final investment decision (FID) in 2025 or 2026, with first oil expected between 2029 and 2030.
The Venus project is not just a technical feat but also a potential economic driver for Namibia. The N$45 billion subsea contracts are expected to create significant opportunities for both local and international companies, driving job creation and skills development in the region. The project’s size highlights Namibia’s rising role in the global oil and gas industry, with the potential to transform the country’s economy and energy independence.
As TotalEnergies advances the environmental approval process, the company has reaffirmed its commitment to sustainable development. The project’s ultra-deepwater nature presents unique environmental challenges, particularly concerning marine ecosystems and carbon emissions. TotalEnergies has pledged to use advanced technology and best practices to mitigate environmental risks, aligning with global energy transition objectives.
Namibia’s Ministry of Environment, Forestry, and Tourism has supported the project’s progress, emphasising the need to balance economic growth with environmental responsibility.
The subsea contracts worth N$45 billion are expected to attract various industry players, from engineering firms to equipment suppliers. The subsea system will incorporate cutting-edge technology, including subsea trees, manifolds, flowlines, and umbilicals, designed to operate in the demanding ultra-deepwater conditions.
Experts anticipate that the contracts will be highly competitive, with both local and international companies vying for a share of the lucrative market.
A key priority for the Namibian government is ensuring local companies and workers benefit from the Venus project. The government is collaborating closely with TotalEnergies to develop a robust local content framework aimed at maximising Namibian business participation and creating sustainable job opportunities.
“Local content is a cornerstone of our approach to resource development,” said Tom Alweendo, Namibia’s Minister of Mines and Energy. “We are committed to ensuring Namibians play a significant role in the Venus project, from construction to operations. This isn’t just about extracting resources; it’s about building capacity and creating lasting value for our people.”
The Venus project is part of a broader wave of exploration and development activity in Namibia’s offshore basins. Following the Venus field discovery in 2022, the country has attracted substantial interest from major oil and gas companies, including Shell and QatarEnergy. These developments have established Namibia as one of the most promising frontiers in the global energy industry.
As TotalEnergies approaches a final investment decision, the Venus project is set to gain more momentum. The company’s decision to publicise the scale of the subsea system reflects its confidence in the project’s viability and its commitment to transparency.
For Namibia, the Venus project is more than just an oil development; it symbolises the country’s potential and ambition. With careful planning and collaboration, the project has the capacity to deliver lasting benefits to Namibia’s economy, environment, and people.
source:namibiaoilandgas.
African Energy Council