Namibia’s petroleum sector is poised for a historic leap as TotalEnergies edges closer to finalizing plans for its ambitious Venus offshore oil project, with top officials expressing unwavering confidence in a 2026 green light. Despite formidable technical hurdles in one of the world’s deepest offshore developments, Namibia’s Petroleum Commissioner Maggy Shino affirmed that the French energy giant is on track to sanction the multi-billion-dollar project within two years, potentially unlocking a new era of economic transformation for the nation.
TotalEnergies, operator of the Venus discovery in the Orange Basin, is currently navigating a critical tendering process for a floating production, storage, and offloading (FPSO) vessel—a centrepiece of the offshore operation. The company is also preparing to award subsea contracts within months, covering the installation of infrastructure for up to 40 wells in waters nearly 3,000 meters deep. These milestones signal accelerating momentum for a project that could position Namibia among Africa’s leading oil producers.
Discovered in 2022, the Venus field is estimated to hold billions of barrels of oil, though recoverable reserves hinge on overcoming complex geological and engineering challenges. Key among these are the reservoir’s permeability—the ease with which oil can flow—and managing the natural pressure dynamics of the reservoir. Additionally, the project must address the reinjection of vast quantities of associated gas, a technical feat in ultra-deepwater environments.
“We are confident in TotalEnergies’ ability to navigate these challenges and deliver a final investment decision [FID] by 2026,” stated Shino, Namibia’s chief upstream regulator. “The Venus project is not just a milestone for Namibia’s energy sector but a beacon of sustainable economic growth.” The development aligns with Namibia’s strategic vision to leverage its hydrocarbon resources to fund infrastructure, education, and healthcare while transitioning toward renewable energy.
For a nation yet to produce commercial oil, Venus represents a transformative opportunity. Successful development could inject billions of dollars into Namibia’s economy, create thousands of jobs, and establish local supply chains. However, the project’s scale and complexity require cutting-edge technology and meticulous planning. The FPSO, essentially a floating factory capable of processing up to 200,000 barrels of oil per day, will rank among the largest of its kind globally. Meanwhile, the subsea infrastructure must withstand extreme pressures and temperatures, underscoring the project’s pioneering nature.
Industry experts note parallels between Venus and other deepwater successes, such as Brazil’s pre-salt fields, but caution that Namibia’s geological quirks demand tailored solutions.
Environmental considerations also loom large. Namibia’s 2021 upstream legislation mandates rigorous environmental impact assessments and safeguards for marine ecosystems. TotalEnergies has pledged adherence to these standards, emphasizing carbon capture and reinjection technologies to mitigate greenhouse gas emissions.
The Venus project’s progress coincides with a surge of interest in Namibian waters. Shell’s Graff-1 discovery and recent finds by Portugal’s Galp Energia have cemented the Orange Basin as a global exploration hotspot. TotalEnergies’ commitment to Venus could further attract investment, positioning Namibia as a multi-basin hydrocarbon hub.
With global oil demand projected to persist for decades, Venus offers Namibia a bridge to long-term prosperity. Yet, the path forward remains fraught with uncertainty. Market volatility, geopolitical shifts, and the global energy transition could influence timelines. Nevertheless, Shino’s optimism reflects a broader consensus: “Venus is more than a resource—it’s a catalyst for progress. We’re committed to ensuring its benefits reach every Namibian.”
As 2026 approaches, all eyes remain on TotalEnergies’ next moves. The company’s ability to conquer deepwater challenges will not only determine Venus’s fate but also test Namibia’s emergence as Africa’s next energy heavyweight. For now, the nation waits, balancing cautious optimism with the realities of high-stakes offshore exploration.