WALVIS BAY, Sept. 28 — TotalEnergies, the global energy giant, has outlined an ambitious strategy during its recent investor day, providing key updates on its offshore activities in Namibia. The company has confirmed positive appraisal results from the Venus-1A well and a successful “positive flow test” at the Venus-1X well, signalling significant progress in the region.
CEO Patrick Pouyanne emphasized TotalEnergies’ commitment to its activities in the Orange Basin, a region he has previously likened to the highly productive Block 17 in Angola. The company is poised to conduct a crucial flow test on the Venus-1A well, a move expected to pave the way for oil development in the area.
Comparing the Namibian discoveries to Suriname, Pouyanne noted the presence of gas in addition to oil, hinting at the potential for diversified energy resources in the region.
Additional insights into TotalEnergies’ Namibian operations were provided by Impact Oil & Gas, a junior partner in the discoveries. Impact Oil & Gas revealed that the Venus-1X well, drilled in 2022, had undergone a positive drill stem test in early September, although specific details were not disclosed. TotalEnergies had drilled the Venus-1A well to a depth of 6,146 meters, and the Deepsea Mira will re-enter the well to conduct a flow test. The company remains committed to further exploration beyond the Venus discovery.
TotalEnergies’ offshore activities in Namibia are set to continue, with the Tungsten Explorer scheduled to move on to drill the Mangetti-1X well in Block 2913B, north of the Venus discovery, in October. However, the Nara-1X well was deemed non-commercial, and it was not subjected to a flow test. A recent contract extension for the Tungsten Explorer, confirmed by Vantage Drilling, reflects TotalEnergies’ commitment to the region.
While TotalEnergies is making significant strides in Namibia, the company also highlighted its broader portfolio and its ability to generate cash and energy globally. With growth plans in mind, the company aims to increase oil and gas production by 2-3% annually until 2028, with LNG playing a pivotal role. Projects in Qatar, Papua New Guinea, the United States, and Mozambique are central to this expansion strategy. TotalEnergies intends to restart work on Mozambique LNG in the near term, with production targeted for 2028.
The company’s near-term focus includes major oil areas in Iraq, the United States (Ballymore and Anchor), Brazil (Mero), and Uganda (Lake Albert). Upcoming final investment decisions (FIDs) are expected for Suriname’s Block 58 by the end of 2024, with the first oil anticipated in 2028. Additionally, TotalEnergies is considering another near-term FID in Angola, on Block 20.
Despite challenges such as rising supply chain costs, TotalEnergies remains confident in its ability to achieve its targets, including maintaining capital and operating expenditure at $20 per barrel. The company’s comprehensive approach and global growth strategy position it as a major player in the evolving energy landscape.