"TotalEnergies is looking to sanction the first phase of its huge Venus project offshore Namibia in late 2025, targeting production of as much as 180,000 barrels per day.
Venus is currently thought to hold about 2 billion barrels of recoverable oil, with chief executive Patrick Pouyanne making clear previously that it will be a phased development requiring multiple floating production, storage and offloading vessels.
Speaking to analysts today during the supermajor’s first-quarter results webcast, Pouyanne said: “We recently finished a positive appraisal well on Venus and we are targeting the end of 2025 for a final investment decision. We’re speaking of a development with around 150,000-to-180,000 bpd.”
“I am very comfortable to take an FID in Namibia… within (our) $18 billion capital framework per year. We can do it; it’s not a problem,” adding that: “I am not afraid to have one, two or three developments in Namibia.”
PCL Price at posting:
2.4¢ Sentiment: Buy Disclosure: Held
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