Namcor Offers to Provide Floating Facilities for TotalEnergies

(2 Minutes Read)

Located in an impressive 3000 meters of water, Venus, according to Namibia’s state oil company Namcor, holds some 2 billion barrels of recoverable oil, out of an in-place resource of 5.1 billion barrels. In addition, the company knows how to handle the field’s huge volumes of associated gas.

A lead contender has emerged to provide a floating production, storage, and offloading (FPSO) vessel for TotalEnergies’ ultra-deepwater Venus development offshore Namibia.

Located in an impressive 3000 meters of water, Venus, according to Namibia’s state oil company Namcor, holds some 2 billion barrels of recoverable oil, out of an in-place resource of 5.1 billion barrels. In addition, the company knows how to handle the field’s huge volumes of associated gas.

Namcor has previously said that, in total, some 8.7 trillion cubic feet of associated gas have been discovered by the French supermajor and Shell, which has made five discoveries in acreage immediately to the east. Following a rash of discoveries in the Orange basin over the last three years, Venus is vying with Galp Energia’s proposed Mopane development in shallower water for the accolade of being the first Namibian oil and gas project to come on stream.

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In October 2024, TotalEnergies outlined that the FPSO development is expected to be sanctioned in the first or second quarter of 2025, with the target of producing the first oil by 2029 and will handle about 160,000 barrels per day of oil and 500 million cubic feet per day of gas.