• TotalEnergies sees caping Venus filed in Namibia at 150,000 bpd, but increasing the exploitation for 20-30 years using gas reinjection.

• Namibia hydrogen output starts 2027-28; Bannerman sealed uranium offtake from 2029-33.

• Venus could add 20% to Namibia’s GDP and lift TotalEnergies cash flow 10% by 2030.

TotalEnergies SE is positioning Namibia as its next major frontier, with Chief Executive Officer Patrick Pouyanné describing the Venus offshore find as the base for a long-term hub rather than a one-off project. Speaking at Barclays’ annual energy and power CEO conference on Sept. 4, Pouyanné said the company is negotiating fiscal terms with Namibia to match the field’s geology, which requires gas reinjection to sustain output.

That design caps plateau production at about 150,000 barrels a day — below Suriname’s comparable deepwater projects — but stretches the project’s life to two to three decades. “The permeability is low, so we need to reinject gas. That will limit the plateau but extend production,” Pouyanné said.

For investors, a slower decline means a steadier revenue stream. Pouyanné said suppliers are “very excited” by Namibia, with contracting bids coming in below budget. TotalEnergies expects Venus to support annual oil and gas growth of 3% and cash flow gains of up to 10% through 2030, reinforcing its “value over volume” strategy.

Talks with Namibian officials center on incentives and fiscal stability. Pouyanné said building trust is key, as Venus is set to be the country’s first oil project. For policymakers, the field could lift GDP by as much as 20% once revenues from taxes, royalties, and infrastructure spending materialize. Local content requirements are expected to generate jobs and training, though no specifics were disclosed.

Wider Energy Play

Namibia is fast emerging as an energy hot spot in Africa, beyond oil. A $10 billion hydrogen project backed by German firms now targets first output in 2027–2028, while uranium producer Bannerman Energy has signed binding offtake agreements with North American utilities for its Etango mine covering one million pounds of uranium from 2029 to 2033. Together with Venus, these projects could turn Namibia into a diversified exporter in both fossil and green energy.

Pouyanné underscored that Namibia fits into a broader African push. TotalEnergies recently secured acreage in Congo and Nigeria, is eyeing Angola, and is seeking to restart stalled gas operations in Mozambique. Africa’s low-cost resources give the company a reserve life of 12.4 years, above the industry average, he said.

Bottom line: Namibia offers TotalEnergies a strategic foothold that balances oil market volatility with long-term value. For subcontractors, it opens a new supply chain. For policymakers, it promises fiscal windfalls — if negotiations align the company’s need for stability with the government’s growth ambitions.

Idriss Linge