TotalEnergies has described Namibia as a rising strategic base for its operations, as the company moves closer to approving its major offshore oil development, the Venus project, expected to reach a final investment decision by July.

The company’s chief executive, Patrick Pouyanné, said during a recent earnings call that discussions with Namibian authorities have been productive, with both sides working toward terms that would allow the large-scale deepwater project to move forward.

He noted that Namibia is becoming increasingly important to the company as it looks to spread its global operations, especially amid disruptions affecting its activities in other regions. According to him, offshore exploration in Namibia is part of a broader strategy to strengthen long-term stability through new producing areas.

Talks between TotalEnergies and the Namibian government are currently focused on finalising regulatory and contractual requirements for the Venus development, which lies in ultra-deep waters and is considered technically complex. While specific disagreements were not detailed, the company indicated that adjustments have been made to reflect the scale and nature of the project.

Pouyanné also referenced previous engagements with Namibian leadership, including meetings with President Netumbo Nandi-Ndaitwah, which he said helped strengthen cooperation and opened discussions on multiple offshore prospects.
Beyond Venus, the company is also involved in the Mopane discovery operated by Galp Energia.

TotalEnergies said it plans to carry out further drilling in the area over the next two years to better assess the size of the resource, with a separate investment decision for Mopane expected around 2028.

If approved, the Venus project would mark one of the first major deepwater oil developments in Namibia and could position the country as a new hub for the company’s upstream expansion in southern Africa.