Meren Energy says the Field Development Plan (FDP) for the Venus discovery offshore Namibia has now been submitted by operator TotalEnergies to Namibian authorities for review, marking a major step toward a potential final investment decision on what is expected to become the country’s first deepwater oil development.
Through its shareholding in Impact Oil & Gas, Meren Energy holds an effective indirect 3.8% interest in the Venus development, with TotalEnergies fully carrying its exploration and development costs through to first production.
The Venus discovery in Block 2913B remains the most advanced offshore oil project in Namibia and is increasingly being positioned by both the operator and government as the anchor development for the country’s emerging petroleum industry.
The submission of the FDP formally initiates engagement between the project partners and Namibian regulators on technical, fiscal, environmental, and development matters, ahead of a possible final investment decision targeted for the end of 2026.
According to public disclosures by TotalEnergies, Venus is now considered a fully appraised discovery with a defined development concept already established following extensive offshore drilling campaigns in the Orange Basin.
The development is expected to involve a large-scale deepwater subsea production system tied back to a floating production, storage and offloading vessel (FPSO), similar to major offshore oil projects globally.
Front-end engineering and design (FEED) work has already been finalised, providing, the company says, a mature technical basis for development planning and cost estimation.
Public project presentations indicate that phase one of the Venus development is expected to recover approximately 750 million barrels of oil, with planned production capacity estimated at around 150,000 barrels per day.
Current operator guidance points toward possible first oil production around 2030, subject to securing a final investment decision before the end of 2026.
TotalEnergies has also indicated that project capital cost estimates have now been refined through competitive engineering, procurement and construction bidding processes, strengthening readiness for project sanctioning.
The development concept incorporates measures to reduce emissions intensity, including the reinjection of associated gas and efforts to maintain a comparatively lower upstream emissions profile for a deepwater development.
Through its shareholding in Impact Oil & Gas, Meren holds an effective indirect interest of approximately 3.8% in the Venus development.
Under an existing carried-interest arrangement with TotalEnergies, Meren’s exposure to development and exploration costs on Blocks 2912 and 2913B remains fully funded through to first commercial production, with no financial cap.
As the project advances technically, Namibia is also intensifying preparations for a future offshore oil industry.
Oversight of the upstream petroleum sector has been consolidated under the Upstream Petroleum Unit within the Office of the President, which is responsible for reviewing development plans, coordinating fiscal and regulatory matters and overseeing petroleum governance and local content policy development.
The government is simultaneously consulting on petroleum legislation and a national local content framework to increase Namibian participation in future offshore developments through skills development, supplier growth, and institutional capacity building.
Infrastructure preparations are also advancing, with Namibian Ports Authority outlining phased expansion plans for Lüderitz and Walvis Bay to support offshore energy activities, including oil and gas supply base infrastructure and quay wall expansion projects.
The Venus discovery continues to be viewed as the project most likely to establish Namibia as a new deepwater oil-producing nation. However, the development remains subject to regulatory approvals, fiscal agreements and broader execution milestones.
