Total's Namibia exploration success could be "world's largest deep-water oil find"

Apr. 26, 2022 9:16 AM ETAOIFF, SHEL, PBR, TTEBy: Nathan Allen, SA News Editor29 Comments

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• Total (TTE) announced the company hit oil at its Venus-1 exploration well in Namibia during February; shortly following the announcement, Upstream reported the find could be "at least" 3 billion barrels -- Tuesday, Upstream sources indicate the find could exceed 13 billion barrels.
• If the three sources cited by Upstream are correct, Venus-1 would be the largest deep-water find in history, surpassing the Petrobras (PBR) find at Buzios.
• The above resource estimates exclude what Upstream believes could be an additional 20TCF of natural gas; an appraisal campaign is set to begin later this year.
• Early indications suggest the well could extend to the neighboring block, where Shell's (SHEL) Graff discovery has shown encouraging results.
• Total (TTE) is set to release Q1 results later this week; however, a spokesperson for the firm poured cold water on near-term project update expectations, saying "until such time the appraisal program is completed, there will be no new elements to communicate since the announcement made (in) February."
• If a project of this size were to come to fruition, it would be impactful for Total (TTE); however, for Africa oil (OTCPK:AOIFF), a 6% holder in the block, it could result in more than 100% upside to the current share

could soon be a reality. The expectations with this discovery sounds like it has exceeded far and beyond