Namibia expects TotalEnergies and BW Energy to make final investment decisions (FIDs) on two major offshore oil projects by the fourth quarter of 2026, according to a senior government official.
Maggy Shino, Petroleum Commissioner at Namibia’s Ministry of Mines and Energy, stated on Tuesday that TotalEnergies is anticipated to submit a field development plan for its Venus discovery this summer.
Meanwhile, BW Energy and the Namibian government are finalizing plans for a smaller offshore project.
If approved, these developments would mark Namibia’s first-ever offshore oil production.
Speaking at a conference in Paris, Shino noted that both companies are on track to reach their FIDs by late 2026, Reuters reported.
In recent years, international oil majors have reduced their investments in mature African producers like Nigeria and Angola, shifting focus instead to Namibia’s promising offshore basins.
The country has drawn comparisons to Guyana as the next potential oil hotspot, with hopes of becoming a major oil exporter.
The so-called “Namibian oil rush” began in 2022 when TotalEnergies, Shell, and Portugal-based Galp made significant discoveries in the Orange Basin.
However, momentum recently slowed after Shell wrote down $400 million related to its find in Block PEL39, stating the discovery was not currently viable for commercial development.
Despite this setback, Namibia remains a frontier region of strong interest for global energy companies. Chevron, for instance, plans to drill an exploration well offshore Namibia in 2026 or 2027.
During TotalEnergies’ Q1 earnings call, CEO Patrick Pouyanné described the Venus project as technically feasible but acknowledged challenges due to low reservoir permeability.
Discussions between TotalEnergies and Namibian authorities have begun, with the company indicating it would proceed only if the project meets its internal return thresholds.
If successful, these developments could signal a new era for Namibia’s economy and its emergence as a significant player in the global oil market.
