TotalEnergies’ $17 billion Venus project in Namibia has hit a roadblock. The company has received bids for all major components, including the floating production, storage and offloading (FPSO) vessel and subsea infrastructure, and is technically ready to make a final investment decision (FID). But the project cannot proceed until the Namibian government finalizes outstanding fiscal terms and a gas monetization strategy.
The delay could lead to cost overruns and push back the anticipated 2030 start of oil production. At African Energy Week 2026, Mariam Kane Garcia, Managing Director and Country Chair of TotalEnergies E&P Namibia, warned that further delays will increase capital expenditure.
Separate discussions reported the same day focused on Egypt’s efforts to accelerate a gas link project with TotalEnergies. The link would connect Cyprus’ Cronos field to Egyptian infrastructure.