TotalEnergies eyes July FID on Venus
TotalEnergies has indicated it could make a final investment decision (FID) on its Venus prospect by the end of this month, pending the conclusion of favourable negotiations, its chairman and chief executive, Patrick Pouyanné, said during a call to announce second-quarter and first-half 2026 results.
"There are discussions on Venus; there is a joint target set to sanction FID by the end of July. Some discussions are progressing. We think that we can conclude by July," Pouyanné said.
"Technically, we have selected all contractors, so we are ready to make an FID. I would say all the parties are reasonably optimistic, in particular the government of Namibia is fundamentally supportive," he said.
TotalEnergies reported a significant discovery of light oil with associated gas at Venus in February 2022, in block 2913B in the Orange Basin, offshore southern Namibia. The Venus 1-X well encountered around 84 metres of net oil pay in a good-quality Lower Cretaceous reservoir.
Mopane
Turning to the Mopane well, Pouyanné said discussions were at an advanced stage for TotalEnergies to become operator, after the mines ministry approved the takeover.
Under the transaction, TotalEnergies will acquire a 40% operated interest from Galp in petroleum exploration licence (PEL) 83, which includes the Mopane discovery. Galp will in turn acquire a 10% participating interest from TotalEnergies in PEL 56, which includes the Venus discovery, and a 9.39% participating interest in PEL 91.
TotalEnergies will carry 50% of Galp's capital expenditure on exploration and appraisal at Mopane and the first development on PEL 83. The carry will be repaid from 50% of Galp's future cash flows from the project.
"On the Galp transaction related to Mopane, we have received the approval, and we are finalising the papers to close the deal," he said.
TotalEnergies is aiming for a 2027 FID on Mopane, Pouyanné said.
"The next step is to engage; the FID will be taken in 2027. Namibia is becoming very important," he said.
