Namibia could hold the largest-ever deep-offshore discovery for TotalEnergies, a global research firm has said.
The discovery by the French oil major, according to Kepler Cheuvreux analyst Bertrand Hodée, could potentially surpass Block 17 in Angola—the last “golden” block of TotalEnergies.
He estimates, according to Reuters, that two new blocks in Namibia, where Shell has also announced offshore oil and gas discoveries, could hold 4 billion barrels of reserves.
According to Kepler Cheuvreux Head of Oil & Gas Research, this would take the total at the Venus field to 12 billion barrels, with a potential value of US$4.1 billion for the French major.
This comes as TotalEnergies is expected to lay out the potential for its oil discoveries in Namibia at an investor day this week, as the French energy firm continues to bet on oil and gas to boost profits while also growing its low-carbon business.
The French energy giant has allocated almost 50% of its global exploration budget, totaling N$5.5 billion (US$300 million), to Namibia this year, with the aim of confirming the multibillion-barrel discovery in Block 2913B (PEL 56), located in the Orange Basin.
The French energy giant is currently conducting a multi-well appraisal and exploration drilling program in Namibia with two rigs.
Initial results from a production test on TotalEnergies’ Venus oil discovery offshore Namibia are reported to be promising, according to Upstream.-The Brief/Reuters
