TOTAL ENERGIES has signalled growing confidence in Namibia, calling it a “new anchor country” as it pushes towards a final investment decision for its Venus project in July.
at the TotalEnergies first quarter earnings call on 29 April, chief executive Patrick Pouyanné said conversations with Namibian authorities suggested that TotalEnergies will be able to develop a win-win partnership with the country.
“Namibia will become for us a new anchor country, I would say,” Pouyanné told investors and analysts.
The war in the Middle East has severely disrupted the company’s operations, he said.
In that context, exploration in Namibia helps the company diversify its operations.
The company expects a final investment decision on the Venus project before the end of July.
Currently, the company is in talks with the Namibian government to finalise paperwork.
Although he did not indicate what the sticking points have been in those talks, Pouyanné suggested that the Namibian government and TotalEnergies have managed to find a compromise on terms for the Venus project.
“We are the first to develop a very large project and an ultra-deep water project. That’s the point on which I think the authorities understand that these ultra-deep water projects require some – I would say – amendments to the standard terms,” he said.
According to Pouyanné, engagements with the government have been generally positive. The company held talks with president Netumbo Nandi-Ndaitwah in January, after which it announced that it would be taking a stake in Galp Energia’s Mopane project.
“On Venus, we have an agenda with the government. They see our company as being the operator of choice, and we can discuss with them not only one project, but at least two projects, if not more, with Mopane behind Venus,” Pouyanné said.
He expects TotalEnergies – together with its partners – to focus on drilling in Mopane over the next two years in order to understand just how large the resource base is. A final investment decision for Mopane is expected in 2028.
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