The Venus oil discovery offshore Namibia has moved steadily through appraisal and early development planning under a joint venture that has evolved over a decade but remains anchored by four companies: TotalEnergies, QatarEnergy, Impact Oil & Gas, and Namcor.
Although the current structure reflects several farm-in and farm-out transactions, the block began more simply in 2014, when Impact Oil & Gas secured the acreage and initiated the early technical work that would later lead to one of the most significant offshore discoveries in recent years.
Block 2913B (PEL 56) was awarded in February 2014, with Impact holding 85 per cent and Namcor 15 per cent. Impact acted as operator, acquiring 2D and then 3D seismic data that revealed a large Lower Cretaceous basin-floor fan complex in ultra-deep water.
This seismic interpretation defined the Venus prospect. The structure remained unchanged until 2017, when TotalEnergies (then Total) entered through a farm-in agreement that transferred 70 per cent of Impact’s interest to the major and installed Total as operator.
No transaction value for the 2017 farm-in was disclosed.
The joint venture expanded again in 2019, when QatarEnergy farmed into the licence through TotalEnergies’ interest.
As with the earlier agreement, no financial terms were released. By 2022, the block was held by TotalEnergies (40 per cent), QatarEnergy (30 per cent), Impact (20 per cent), and Namcor (10 per cent).
This became the structure when the first exploration well was drilled.
In February 2022, the Venus-1X well confirmed a significant light-oil discovery, intersecting about 84 metres of net oil pay in a high-quality Lower Cretaceous reservoir.
Block 2913B covers approximately 8,215 square kilometres in water depths approaching 3,000 metres, placing the project among the deepest offshore developments under consideration worldwide.
Venus-1X was logged and cored, and a subsequent re-entry and drill-stem test confirmed the presence of movable light oil.
Following the discovery, the joint venture conducted an extensive appraisal programme.
The Venus-1A appraisal well, drilled roughly 13 kilometres north of the discovery well, delivered additional core and log data to assess reservoir continuity.
The JV also drilled Venus-2A and Mangetti-1X, contributing further detail to the understanding of the fan’s geometry and hydrocarbon distribution.
In late 2024 and into 2025, additional wells — Tamboti-1X and Marula-1X — were drilled on adjacent fan targets, demonstrating continued evaluation of upside potential within the licence.
Resource estimates in the public domain remain indicative rather than certified. Several independent analyses, including those referenced by Namcor and Wood Mackenzie, suggest that the Venus complex may contain approximately 5.1 billion barrels of oil in place, with 1.5 to 2 billion barrels potentially recoverable under the development scenarios currently being assessed. These volumes have not yet been converted into formal reserves; appraisal results, reservoir modelling and economic screening will refine the numbers ahead of a final investment decision.
The draft Environmental and Social Impact Assessment (ESIA) provides a clearer sense of the emerging development plan.
The concept envisions a deepwater subsea development tied back to a floating production, storage and offloading (FPSO) vessel, with up to 40 subsea wells drilled in water depths of around 3,000 metres.
The anticipated production life is approximately 21 years, with potential extension depending on reservoir performance.
The ownership structure shifted again after the discovery due to the increasing capital obligations associated with appraisal and development. On 10 January 2024, Impact Oil & Gas entered into a farm-out agreement with TotalEnergies, selling 10.5 per cent of Block 2913B and 9.39 per cent of Block 2912.
Impact disclosed receiving US$99 million in reimbursement for past costs and securing a loan-carry arrangement covering all future appraisal, exploration, and development spending on its remaining 9.5 per cent interest until first oil.
The full value of the carry was not disclosed. Completion of this transaction in November 2024 increased TotalEnergies’ interest to 50.5 per cent.
Soon afterwards, QatarEnergy and TotalEnergies agreed to a further equity adjustment under which QatarEnergy acquired an additional 5.25 per cent in Block 2913B (and 4.695 per cent in Block 2912).
The financial terms of this transaction were not released. The resulting pro forma ownership structure in Block 2913B is: TotalEnergies 45.25 per cent, QatarEnergy 35.25 per cent, Impact 9.5 per cent, and Namcor 10 per cent.
Of all the transactions completed since 2014 — TotalEnergies’ original 2017 entry, QatarEnergy’s 2019 farm-in, and QatarEnergy’s late 2024 top-up — only one monetary figure has been disclosed publicly: the US$99 million paid by TotalEnergies to Impact as part of the 2024 farm-out.
With multiple successful well penetrations, drill-stem tests, and a growing dataset for reservoir modelling, Venus remains the most advanced offshore oil project in Namibia’s Orange Basin.
The technical progress and clarified equity structure now provide a firmer basis for pre-FID planning as the joint venture moves toward defining a final development concept.
