TotalEnergies Says Namibia’s Venus Project Is Ready for Sanction at AEW 2026

TotalEnergies has received contractor offers for its Venus oil development offshore Namibia, with the 150,000-barrel-per-day project positioned to advance toward a final investment decision (FID). The multi-billion-dollar development is targeting first oil around 2030, subject to agreement on outstanding commercial terms.

Speaking during the Invest in Namibia session at African Energy Week (AEW) 2026 in Cape Town, TotalEnergies E&P Namibia Managing Director and Country Chair Mariam Kane Garcia said the project was ready for sanction, highlighting the importance of maintaining progress as negotiations with the government continue.

“Any delay will increase the cost of CAPEX,” Kane Garcia said, pointing to the financial implications of extending the development timeline. Contractor offers cover major packages, including the FPSO vessel, subsea infrastructure, drilling and wells, bringing the project closer to a formal investment decision.

Located in the ultra-deepwater Orange Basin, Venus is a cornerstone of Namibia’s emerging offshore petroleum industry. The project’s progress comes as the government works to establish fiscal and regulatory frameworks that attract international capital while supporting domestic participation in exploration, development and production.

Opening keynotes by U.S. Ambassador to Namibia John Giordano and Kornelia Shilunga, Head of the Upstream Petroleum Unit in the Office of the Presidency, addressed the conditions needed to translate petroleum discoveries into commercial production. Giordano emphasized that reserves “beneath the ground” must be supported by competitive investment conditions, particularly for projects he described as among the “technically complex in the entire world.”

Shilunga highlighted the government’s priority of moving from “transformation to production,” with local participation, institutional capacity and regulatory development central to the sector’s expansion. Namibia aims to ensure international investment also supports domestic employment, supplier development and technical expertise as offshore projects progress.

Rhino Resources CEO Travis Smithard highlighted collaboration with national oil company NAMCOR as a means of strengthening technical capabilities and knowledge-sharing. Chevron West Africa Frontier Country Manager Beatrice Bienvenu emphasized that “sustained industry activity” would help local oilfield service companies invest in equipment, certifications and workforce development.

NAMCOR Managing Director Victoria Sibeya stressed the importance of maintaining a “conducive environment for investors” while advancing national interests. Galp Upstream Africa Director Bruno Melo highlighted the development potential of the company’s Mopane discovery, while Oregen Energy CEO Kevin Shrimpton emphasized maintaining momentum toward “first oil” to attract further exploration investment.

Namibian Petroleum Operators Association Chairperson Eduardo Rodriguez, who also serves as Shell Namibia’s country chair, highlighted plans for an “open, transparent request for quotation tendering process.” The initiative aims to improve procurement transparency and supplier access as exploration and development activity expands across the basin.

For Venus, resolving outstanding commercial terms remains the key step toward sanction. FID would unlock the capital required to progress development, advancing Namibia’s ambition to become a major offshore oil producer and creating opportunities across the country’s emerging petroleum supply chain.