Namibia’s proposed Venus offshore oil development could contribute between N$536 billion and N$800 billion to national GDP over a 20- to 25-year project life, generate N$127 billion to N$229 billion in government revenue, and support up to 7,000 jobs during peak production, according to scenario-based projections contained in the environmental and social impact assessment (ESIA) for the project.
The assessment also estimates cumulative oil export earnings of between N$593 billion and N$888 billion over the life of the project, with peak production years potentially accounting for between 13% and 18% of Namibia’s GDP during the plateau phase, before declining as output tapers.
These projections are outlined in the Final Scoping Report and supporting ESIA documentation prepared by SLR Environmental Consulting (Namibia) on behalf of TotalEnergies EP Namibia B.V. and its joint venture partners, Impact Oil & Gas, QatarEnergy, and Namcor.
SLR said the figures are based on development scenarios that assume a deep-water subsea oil project producing through a floating production, storage and offloading vessel (FPSO) over a period exceeding 20 years, with outcomes dependent on oil prices, development design, costs and regulatory approvals.
According to SLR, the proposed Venus development is located in Block 2913B, approximately 300 kilometres offshore southern Namibia, in water depths of about 3,000 metres.
The licence area lies in the Orange Basin, one of Namibia’s most prospective offshore hydrocarbon provinces.
The project footprint assessed in the ESIA would extend roughly 20 kilometres north-west to south-east and 15 kilometres east-west, with production supported by an extensive network of subsea wells, flowlines and umbilicals connected to a permanently moored FPSO.
The ESIA indicates that development could involve up to 40 subsea wells, including oil producers and gas-injection wells, alongside the installation of subsea infrastructure and offshore loading systems, depending on the final field development plan.
The FPSO assessed in the ESIA is designed for an oil production capacity of up to 160,000 barrels per day, a gas processing capacity of about 550 million cubic feet per day, and crude storage of around 2 million barrels, SLR said.
On employment, the assessment estimates that construction and installation activities could support around 5,000 jobs, comprising approximately 500 direct, 2,000 indirect and 2,500 induced positions.
During the production phase, employment is projected to rise to about 7,000 total jobs, including around 600 direct offshore and onshore roles, supported by indirect and induced employment across logistics, transport, services and household sectors.
SLR noted that while offshore drilling and FPSO operations would rely heavily on specialised international skills in the early years, longer-term production could allow for progressive localisation, particularly in onshore support services, marine logistics, aviation, fabrication, maintenance and supply chains.
The ESIA further states that the most significant economic effects would come from indirect and induced activity, rather than direct oil-field employment, with private household services, wholesale and retail trade, transport and logistics identified as key beneficiaries.
SLR said the project would require a new environmental clearance certificate before construction can proceed, with the current ESIA forming part of the statutory decision-making framework overseen by the Ministry of Environment, Forestry and Tourism and the Ministry of Industries, Mines and Energy.
The consultants emphasised that the projections are scenario-based and not forecasts, and remain subject to final investment decisions, oil prices, development configuration and regulatory approvals.
Nonetheless, SLR said the Venus project represents one of the most significant single potential economic developments ever assessed in Namibia’s offshore petroleum sector.
TotalEnergies EP Namibia and its joint-venture partners hold an exploration licence over Block 2913B, which covers approximately 8,215 km² and lies about 300 km from Oranjemund, 320 km from Lüderitz and 700 km from Walvis Bay, at water depths ranging from 2,600 metres to 3,300 metres.
The Venus discovery was made in 2022, following the drilling of the Venus-1X exploration well, which confirmed the presence of light oil with associated gas in ultra-deep water.
Subsequent appraisal drilling, drill stem tests, and geophysical and geotechnical surveys conducted between 2023 and early 2025 informed the development scenarios assessed in the ESIA.
The development concept assessed is a fully offshore subsea production system, with no permanent onshore processing facilities.
Oil would be processed and stored offshore before export via shuttle tankers and nearshore transhipment, while produced gas would be reinjected mainly into the reservoir, with a portion used to power the FPSO.
Routine flaring is not envisaged under the assessed development concept.
