TotalEnergies has projected a reduction of 10,000 barrels per day from its Namibian operations.
The company operates two offshore exploration licenses in the Orange Basin: Blocks 2912 and 2913B.
The French major announced in October 2024 plans to start with 160,000 barrels per day.
The company’s CEO, Patrick Pouyane, said on Wednesday that the production capacity would now be 150,000 barrels per day.
TotalEnergies has also moved the final investment decision from the end of 2025, as previously announced, to 2026.
The final investment decision requires that an oil company achieve breakeven at under US$20 per barrel, which TotalEnergies has difficulties with.
The oil major says there are two challenges of the gas/oil ratio and low permeability with exploration in offshore Namibia’s Orange Basin.
Block 2913B has one thick reservoir of 80-120 metres, and permeability is 2-4 mD, while oil in place has a density of 10-20 Mbo/km2.
During Q1 of 2025, TotalEnergies is pursuing drilling Marula and the Olympe by the end of 2025.