"TotalEnergies will begin critical production tests this week on an appraisal well at its multibillion-barrel Venus oil discovery offshore Namibia, according to chief executive Patrick Pouyanne.
An earlier production test on the Venus-1X discovery well met expectations, so hopes are high that results from a similar operation on the Venus-1A probe will be equally successful. The Venus-1A “test will start this week,” Pouyanne told analysts during the company third quarter conference call on Thursday. He said TotalEnergies needs to carry out the test to better assess the “full size” of Venus and “find the right scheme of development”.
He told analysts: “We’ll come back to you in late February 2024 with more clarity on Venus,” once the latest flow test, the Mangetti-1X exploration well and another exploration probe to the north of Venus have been completed. The semi-submersible rig Deepsea Mira will carry out the Venus-1A test, while the drillship Tungsten Explorer has just spudded a probe on the Mangetti prospect."
PCL Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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