TotalEnergies awaits fiscal accord before Venus FID offshore Namibia

TotalEnergies says the Venus development offshore Namibia is technically ready for sanction, but final investment timing depends on completing fiscal negotiations with the government.
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Aug. 13, 2026
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Why this news matters:

  • TotalEnergies' Venus project is one of the most closely watched deepwater developments globally, with the potential to establish Namibia as a significant offshore oil producer later this decade.

  • Completion of FEED and contractor selection indicate the project is largely execution-ready, leaving fiscal negotiations as a key remaining hurdle before sanction.

Courtesy Meren
Meren map of offshore Namibia assets

Block 2913B contains the Venus light oil and associated gas field that was discovered by the Venus-1X well drilled in 2022.

Venus development at a glance

  • Operator: TotalEnergies

  • Location: Orange Basin, offshore Namibia

  • Development concept: Subsea production system tied back to an FPSO

  • Peak production: ~150,000 b/d

  • Phase 1 recoverable resources: ~750 MMbbl

  • Current status: FEED complete; awaiting fiscal agreement before FID

  • Potential first oil: Around 2030

Talks continue with the Namibian government are continuing on the fiscal terms for the deepwater Venus oilfield development in the Orange Basin, Meren Energy reported in its latest quarterly report.

Meren, which has a 39% interest with partner Impact Oil & Gas, noted operator TotalEnergies’ recent confirmation that it is technically ready to take a final investment decision (FID), subject to concluding these talks.

The ongoing discussions with Namibia's government center on the fiscal framework that will govern the project, including taxation and economic terms that influence development economics and investment decisions.

Front-end engineering and design (FEED) for the project has finished, with all the main contractors selected. The development concept comprises a large subsea production system connected to an FPSO, producing about 150,000 bbl/d at peak.

Venus is widely regarded as one of the world's largest recent offshore oil discoveries and is expected to anchor Namibia's emergence as a new deepwater producing province. TotalEnergies and its partners have been advancing development planning following a series of successful appraisal campaigns in the Orange Basin.

Targeted recovery for Phase 1 is about 750 MMbbl, with production starting potentially in 2030.

Nigeria drilling activity set to increase

Offshore Nigeria in the deepwater Niger Delta Basin, Meren is a partner in various blocks operated by TotalEnergies and Chevron, with work underway to secure deepwater rigs for a resumption of drilling activity across the Agbami, Akpo and Egina fields, starting in the fourth quarter.

A well intervention campaign has been included for some existing wells on both Akpo and Egina.

On the Preowei Field, northwest of Akpo and Egina in the PML 4 lease, a potential joint development is under review with other nearby resources. In parallel, TotalEnergies has initiated a request-for-information process with contractors.

The same operator is advancing preparations for the Egina South appraisal well in nearby OPL 257, and this too could feature in the Akpo/Egina drilling campaign.

At Agbami, Chevron is planning ahead for a six-well infill drilling program along with an appraisal well on the Ikija discovery in PPL 2003.

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About the Author

Jeremy Beckman
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Jeremy Beckman

Staff Writer / Editor, Europe

Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.

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