Oil & Gas

An oil field off the coast of Namibia is steadily progressing toward a Final Investment Decision (FID) scheduled for early 2026. The Venus oil field, located in the Orange Basin and estimated to hold nearly 3 billion barrels of reserves, is being developed by French energy major TotalEnergies in partnership with Namibia’s National Petroleum Corporation (Namcor), QatarEnergy, and Impact Oil & Gas. The consortium is focused on finalizing a viable development strategy for the field, which lies within Block 2913B under Oil Exploration License No. 56.

Namcor confirmed that the partners have initiated a comprehensive environmental and social impact assessment to support the project. Stakeholder consultations were held from April 7 to 30, 2025, particularly in Namibia’s Irongo and Kharas regions, underscoring the consortium’s commitment to responsible and inclusive development. According to Namcor, this ongoing progress signals strong confidence in the Venus discovery and Namibia’s growing potential as a significant player in the global oil market.

While TotalEnergies continues to ramp up drilling activities, the recent Marula-1X exploration well—drilled in the southern portion of Block 2913B did not yield hydrocarbons. Despite this unpromising result, Namcor emphasized that the core focus remains on the commercial development of the Venus field. Acting General Manager Victoria Sepia reaffirmed the partners’ dedication to advancing the project as a strategic pillar of Namibia’s energy future.

Block 2913B spans over 8,200 square kilometers with water depths of up to 3,000 meters and is operated by TotalEnergies (50.5%), with QatarEnergy (30%), Namcor (10%), and Impact Oil & Gas (9.5%) holding the remaining stakes. Adjacent to this, Block 2912 under License PEL 91 is also under exploration, with similar stakeholder composition.

The Venus-1X discovery in 2022 revealed a high-quality light oil reservoir, with follow-up appraisal wells further validating its commercial viability. Africa Oil, which holds an indirect interest through its stake in Impact Oil & Gas, remains engaged in the development planning of this potentially transformative African oil asset.