TotalEnergies, the operator, has continued to advance the Venus development in Block 2913B (PEL 56), offshore Namibia, in which Meren holds an effective interest of approximately 3.8% through its shareholding in Impact Oil & Gas Limited.
Venus remains the most advanced deepwater project in the Orange Basin, with front-end engineering and design (FEED) completed, and all major contractors selected. The operator’s public disclosures present a defined development concept comprising a large subsea production system tied back to an FPSO with a planned project plateau production of approximately 150,000 barrels of oil per day, targeting recovery of around 750 million barrels in phase 1 and first oil potentially in 2030.
In July 2026, Namibia’s Ministry of Industries, Mines and Energy approved TotalEnergies’ asset swap with Galp Energia, under which TotalEnergies assumes operatorship of the neighbouring Mopane discovery (PEL 83) and Galp acquires a 10% interest in Venus (PEL 56).
The transaction consolidates operatorship of Namibia’s two largest offshore discoveries under TotalEnergies and supports the operator’s stated strategy of pursuing a coordinated development approach across the Orange Basin.
This alignment has the potential to create longer-term operational and infrastructure synergies across the basin while further reinforcing the strategic importance of the Venus development. Venus continues to be advanced as a standalone development on its own timeline, schedule and path to sanction. Longer-term basin synergies will be complementary to Venus.
On its second-quarter 2026 results call, TotalEnergies confirmed that it is technically ready to take a Final Investment Decision (FID) on Venus, subject to concluding discussions with the Government of Namibia on the fiscal l terms underpinning the development. They reaffirmed a joint objective with the government and consortium to sanction the project. As at the date of this report, FID has not been taken, and discussions on the fiscal terms are continuing, with the operator indicating FID remains targeted within 2026, subject to the conclusion of those discussions.
Meren with approximately 3.8% regards its Namibian interests as a source of long-dated, low-cost production growth that diversifies its portfolio and strengthens its position in the Orange Basin, without any upfront capital investment by the Company.
