French oil major TotalEnergies expects to take a final investment decision (FID) on its Namibian offshore oil discovery in 2026.
Chief executive Patrick Pouyanne said this at a press briefing on Wednesday.
The development would have a production capacity of 150 000 barrels per day, down from an initial 160 000 barrels per day discussed at its investor day in October.
Pouyanne had previously targeted the end of 2025 for a decision on FID at a results call in April last year.
The French oil major has said it is struggling to achieve break-even at under US$20 (about N$368) per barrel, an internal requirement for FID.
Promising offshore discoveries in Namibia, which has no oil and gas production, have been complicated by a high amount of gas that will make development more expensive.
Last month, Shell wrote down its Namibian discoveries, while Chevron declared its initial findings commercially unviable.
– CNBC Africa
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