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TotalEnergies allocated an estimated USD 300 million for exploration and appraisal work in Namibia in 2024, this is 30 per cent of their exploration and appraisal budget. The company spent 50% of its exploration budget on Namibia in 2023
Namibia is at the top of TotalEnergy’s spending priorities for exploration and appraisal and it allocated around 30% of its exploration and appraisal budget to Namibia again in 2024, because the company needs to continue assessing the best approach for development, stated TotalEnergies CEO Patrick Pouyanné during the company’s 2023 Results & 2024 Objectives presentation. He said the oil major, which announced a discovery at its Mangetti-1X well, potentially boosting the existing recoverable resource base on Block 2913B, was also exploring a potential well south of Venus called Kokerboom.
The hydrocarbon level of Venus extends to the north. Through the various appraisal wells and tests, it’s clear that it’s not a homogeneous field. TotalEnergies also has another potential exploration well south of Venus called Kokerboom, and it can also continue appraising what has been discovered. The update also confirmed that the drilling of Venus-2A, the fourth appraisal well on the giant Venus discovery, is underway using the Deepsea Mira rig.
Last year the company purchased an additional stake in Namibia’s Blocks 2912 and 2913B from Impact Oil & Gas. It is currently acquiring 3D seismic data on the blocks, which neighbours South Africa.Namibian officials have estimated the country could hold 11 billion barrels of crude, which would make it a significant African producer and transform its tiny economy. Analysts from S&P Global expect first oil from Namibia in 2029.
Read Also:
https://trendsnafrica.com/totalenergies-another-offshore-oil-discovery-in-namibia/
https://trendsnafrica.com/totalenergies-ups-its-stakes-in-namibian-oil-blocks/
https://trendsnafrica.com/largest-ever-deep-offshore-discovery-for-totalenergies-in-namibia/
Petroleum Exploration License 56, Block 2913B, is located offshore southern Namibia and covers approximately 8,215 km² in water depths between 2,450m and 3,250m.
Impact Oil & Gas, in which Africa Oil has an interest through its 31.1% shareholding, currently holds a 20.0% interest in the block. TotalEnergies, the operator, holds a 40% interest, QatarEnergy holds a 30% interest, and NAMCOR, the Namibian state oil company, holds a 10% interest.
