Total targets production in 2025
TotalEnergies to target 150 000 barrels from Venus find
TotalEnergies says it is confident an investment decision will be reached to proceed with the development of the Venus oil find.
TotalEnergies CEO Patrick Pouyanné says its Venus oil find could produce upwards of 150 000 barrels of oil per day once it enters the production stage.Pouyanné made these remarks during the company’s results presentation last week.
“I would say 150 000 barrels per day (bpd) and 180 000 bpd. We have made the campaign – the priority is to go to production, I would say,” Pouyanné said.
The company has lined up promising projects in Namibia that have the potential to bring prosperity to TotalEnergies’ shareholders, Pouyanné noted.
“I am not afraid to have one, two or three projects to be done in Namibia," he said, adding: "What is good for our company will be good for our shareholders."
Final decision
Pouyanné expressed confidence that TotalEnergies would make an investment decision for its Venus project.
“I am very comfortable with a final investment decision in Namibia. It will be in the US$18 billion framework – it is very possible, it is not a problem – we have good projects that fit our criteria,” Pouyanné said.
He emphasised that it is a priority that Venus enter the productivity stage.
TotalEnergies is also gearing up to conduct more exploration work on its prospects in Namibia, Pouyanné said.
“Our neighbour has just announced a new discovery; we have an equivalent project on our side, so we will drill it,” he said. TotalEnergies owns a 45.25% interest in block 2913B containing the Venus discovery, together with Qatar Energy, which holds a 30% stake. The remaining shareholding in the Venus deposit is held by Impact Oil and Gas (20%), while the National Petroleum Corporation of Namibia (Namcor) holds a 10% stake.