TotalEnergies Namibia urges swift final investment decision for Venus oil project

Carlos Menezes, joint venture and development director, emphasized the urgency during the Namibia Oil and Gas Conference, noting that engineering work and the field development plan are complete. He highlighted ongoing discussions with authorities, which need to be finalized to leverage existing offers from contractors. Menezes explained that these offers for multi-billion dollar contracts, including for floating production, storage, and offloading FPSO vessels and subsea work, have validity periods and are not indefinite.

Delays could increase costs, and while a worst-case scenario is distant, it would necessitate a re-evaluation of the project's status. Menezes expressed disappointment with a prediction from Wood Mackenzie suggesting the FID might be pushed to 2027, stating that such a delay is unacceptable. TotalEnergies chief executive Patrick Pouyanné previously indicated in July that discussions with the Namibian government were nearing conclusion, with the consortium technically ready to proceed once these discussions are finalized.