• Decisions on Venus and Kudu oil and gas fields expected by late 2026

• TotalEnergies to submit Venus development plan by July 2025

• Namibia aims to fast-track monetization of offshore resources

Namibia expects final investment decisions on its major offshore oil and gas fields by the end of 2026, as it pushes to develop newly discovered resources in its waters.

On May 13, Maggy Shino, Petroleum Commissioner at the Ministry of Mines and Energy, said the country is awaiting key decisions on the Venus oil field and the Kudu gas project.

TotalEnergies, which operates the Venus field, is currently working on a development plan for the site. The plan is expected to be presented to the Namibian authorities by July 2025.

"We still need to discuss all these details, and to see Total's field development plan in June or July," said Shino. She also noted that discussions are ongoing for the Kudu gas project, which is operated by BW Energy.

These updates come as Namibia attracts growing interest from global oil companies, especially in the Orange Basin, where several offshore discoveries have been made. The government hopes to use these resources to drive energy and industrial development.

Still, some uncertainty remains. The economic viability of certain discoveries is in question. Shell, for instance, recently concluded that its offshore finds may not be profitable due to the high gas volumes involved.

In contrast, the Venus field, believed to hold more than 3 billion recoverable barrels of crude, may prove more feasible. The project’s viability has been assessed using a production cost threshold of less than $20 per barrel.

TotalEnergies is discussing cost-sharing with the government and is confident it can manage the technical challenges. Like other operators in Namibia, it is approaching the project with caution and a strong focus on cost control, even as the country pushes for faster development of its oil and gas sector.