Project Overview

The Venus FPSO (Floating  Production, Storage & Offloading) field is one of the largest deepwater oil discoveries globally. It was discovered by TotalEnergies' Venus-1X well in February 2022, in approximately 3,000 metres of water in Namibia's Orange Basin. 

Estimated to hold 2 billion barrels of recoverable oil from a 5.1 billion-barrel in-place resource, Venus has transformed Namibia's international profile from an oil and gas frontier to one of the most closely watched deepwater development stories globally.

TotalEnergies operates Block 2913B with a 40% stake, alongside QatarEnergy (30%), UK-based independent explorer Impact Oil & Gas (20%), and Namibia's national oil company NAMCOR (10%). 

Production capacity is now estimated at approximately 150,000 barrels of oil per day, revised down from earlier estimates of 160,000 bopd, connected to a subsea well network at ultra-deepwater depth.

Final Investment Decision (FID) timing has slipped repeatedly: originally targeted for 2025, then deferred to late 2025, and now targeted in the last quarter of 2026. First oil, correspondingly, has moved from earlier estimates around 2029 toward 2030. 

Venus FPSO Project Location

The Venus FPSO project is located in the Venus oil field, Block 2913B, in the Orange Basin offshore southern Namibia. The field lies approximately 320 km southwest of Lüderitz, about 300 km from Oranjemund, and around 700 km from Walvis Bay. The planned FPSO will operate in ultra-deep water of approximately 3,000 metres.

Project Background

Namibia's Orange Basin emerged as a global exploration hotspot in 2022, when Shell and TotalEnergies both confirmed major light oil discoveries. Shell announced the Graff-1 well in the north of the basin, and TotalEnergies announced the Venus-1X well in Block 2913B to the south. 

Venus-1X, drilled and confirmed on February 24, 2022, intersected an 84-metre column of light oil within Lower Cretaceous sands at approximately 3,000 m water depth. It is one of the deepest and most technically significant discoveries.

TotalEnergies moved through appraisal drilling and concept selection studies over 2022-2024, ultimately settling on a large FPSO development concept connected to subsea wells across the Field. The company initially targeted a Final Investment Decision in 2025, but by mid-2025 had pushed this to late 2025, and subsequently to 2026, citing both cost and technical factors. 

By January 2025, Namibia Oil and Gas had identified Hanwha Ocean as an emerging front-runner in the FPSO tender, competing against SBM Offshore. By 2026, both contenders refined their technical and commercial proposals, with Hanwha Ocean pursuing a low-carbon design certification strategy (securing DNV and ABS approvals) and SBM Offshore partnering with Chinese shipyards to improve cost competitiveness. 

Venus FPSO Current Status

As of August 2026, TotalEnergies has stated that Venus is technically ready for sanction. FEED (front-end engineering and design) work is complete, and FPSO contractor selection has reached its final stage between two bidders, Hanwha Ocean of South Korea and SBM Offshore of the Netherlands. 

Fiscal terms negotiations with the Namibian government are now the sole remaining obstacle to FID. The FID is expected in the last quarter of 2026 & First oil, expected by 2030. 

Stakeholder Details

Venus FPSO Project Cost

The total estimated cost for the Venus FPSO Project is not yet disclosed publicly. In its official statements, TotalEnergies has provided a development-cost target of approximately USD 20 per barrel of oil equivalent or lower 

Project Timeline

Design & Engineering Detail

Conclusion

The Venus FPSO Project is designed to develop the Venus oil discovery through subsea production facilities connected to an FPSO vessel. Operated by TotalEnergies, the project has a planned production capacity of approximately 150,000 barrels of oil equivalent per day, supported by extensive subsea infrastructure and development wells. 

Venus could help establish Namibia as a significant offshore oil producer and generate substantial economic activity through investment, local procurement, employment, and government revenues. Its eventual success will depend on securing a competitive development framework and delivering the project safely, economically, and responsibly.

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