French oil major, TotalEnergies, is set to launch subsea contracts worth over $2.5 billion as part of its ambitious Venus ultra deepwater project offshore Namibia.
The French energy giant commenced the environmental approval process for the project, which aims to tap into one of the largest oil discoveries in recent years.
Located in the ultra deep waters of the Orange Basin, approximately 3,000 meters below the surface, the Venus project is poised to be a game changer in Namibia’s oil and gas industry.
The project is expected to involve subsea wells linked to a floating production, storage, and offloading (FPSO) vessel, which will be capable of processing 150,000 barrels of oil per day.
This major milestone comes as TotalEnergies prepares for a final investment decision (FID) in 2025 or 2026, with first oil anticipated between 2029 and 2030.
The $2.5 billion subsea contracts are set to spark economic growth in Namibia.
According to experts, these contracts will open up substantial opportunities for both local and international businesses, creating jobs and fostering skills development in the region.
As Namibia establishes itself as an emerging oil and gas player, the Venus project will play a crucial role in advancing the country’s energy independence.
“The Venus project is not just a significant technical undertaking, it’s also a potential economic engine for Namibia,” said Ayotola Jagun, Total’s spokesperson.
“The scale of the subsea contracts highlights the growing importance of Namibia on the global oil and gas map. This project will provide lasting value to the local economy, workforce, and industry players.”
As TotalEnergies advances the environmental approval process, the company has been proactive in addressing the environmental challenges of the ultra deepwater nature of the Venus project.
The company also stated that it would leverage state of the art technology to mitigate risks and minimize carbon emissions.
“We are dedicated to using the best available practices to safeguard marine ecosystems while contributing to the global energy transition,” Jagun added.
