In a significant development for Namibia’s burgeoning oil and gas sector, TotalEnergies has unveiled the staggering scale of its Venus ultra-deepwater project, which is expected to generate subsea contracts worth more than $2.5 billion (about N$45 billion). The French energy giant has kickstarted the environmental approval process for the project, shedding light on the ambitious subsea system that will be deployed to tap into one of the largest oil discoveries in recent years, a recent news report by Upstream reveals.
Located in the ultra-deep waters of the Orange Basin, approximately 3000 metres below the surface, the Venus project is poised to become a cornerstone of Namibia’s energy landscape. The development will utilise subsea wells connected to a floating production, storage, and offloading (FPSO) vessel capable of processing 150,000 barrels of oil per day. This revelation marks a critical milestone in the project’s progression, as TotalEnergies prepares to make 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 marvel; it is also a potential economic powerhouse for Namibia. The N$45 billion in subsea contracts alone is expected to create significant opportunities for local and international companies, fostering job creation and skills development in the region. The project’s scale underscores Namibia’s emergence as a key player in the global oil and gas industry, with the potential to transform the country’s economy and energy independence.
As TotalEnergies moves forward with the environmental approval process, the company has emphasised its commitment to sustainable development. The ultra-deepwater nature of the project presents unique environmental challenges, particularly in terms of safeguarding marine ecosystems and minimising carbon emissions. TotalEnergies has stated that it will employ state-of-the-art technology and best practices to mitigate environmental risks, aligning with global energy transition goals.
Namibia’s Ministry of Environment, Forestry, and Tourism has welcomed the project’s progress, highlighting the importance of balancing economic growth with environmental stewardship.
The N$45 billion worth of subsea contracts is expected to attract a wide range of industry players, from engineering firms to equipment suppliers. The subsea system will include cutting-edge technology such as subsea trees, manifolds, flowlines, and umbilicals, all designed to operate in the challenging conditions of ultra-deepwater environments.
Industry experts predict that the contracts will be highly competitive, with both local and international companies vying for a share of the lucrative market.
One of the key priorities for the Namibian government is ensuring that local companies and workers benefit from the Venus project. The government has been working closely with TotalEnergies to develop a robust local content framework, aimed at maximising the participation of Namibian businesses and creating sustainable employment 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 that Namibians play a meaningful role in the Venus project, from construction to operations. This is not 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. Since the discovery of the Venus field in 2022, the country has attracted significant interest from major oil and gas companies, including Shell and QatarEnergy. These developments have positioned Namibia as one of the most exciting frontiers in the global energy industry.
As TotalEnergies moves closer to a final investment decision, the Venus project is expected to gain further momentum. The company’s decision to make public the scale of the subsea system underscores its confidence in the project’s viability and its commitment to transparency.
For Namibia, the Venus project represents more than just an oil development; it is a symbol of the country’s potential and ambition. With careful planning and collaboration, the project has the potential to deliver lasting benefits for Namibia’s economy, environment, and people.