TotalEnergies' Namibia project seen smaller, later than expected
French oil major TotalEnergies expects to take a final investment decision (FID) on its Namibian offshore oil discovery in 2026, CEO Patrick Pouyanne said on Wednesday at a press briefing.
The development would have a production capacity of 150 000 barrels per day, down from an initial 160,000 barrels per day discussed at its investor day in October.
Pouyanne had previously targeted the end of 2025 for a decision on FID at a results call last April.
The French oil major has said it is struggling to achieve breakeven at under $20 per barrel, an internal requirement for FID.
Promising offshore discoveries in Namibia, which has no oil and gas production, have been complicated by a high amount of gas that will make development more expensive.
Last month Shell wrote down its Namibian discoveries, while Chevron declared its initial findings commercially unviable.
Pouyanné made these remarks during the company’s results presentation last week.
TotalEnergies had previously anticipated extracting between 150 000 and 180 000 barrels of oil.
“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 previously said in 2024. 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."
The development would have a production capacity of 150 000 barrels per day, down from an initial 160,000 barrels per day discussed at its investor day in October.
Pouyanne had previously targeted the end of 2025 for a decision on FID at a results call last April.
The French oil major has said it is struggling to achieve breakeven at under $20 per barrel, an internal requirement for FID.
Promising offshore discoveries in Namibia, which has no oil and gas production, have been complicated by a high amount of gas that will make development more expensive.
Last month Shell wrote down its Namibian discoveries, while Chevron declared its initial findings commercially unviable.
Pouyanné made these remarks during the company’s results presentation last week.
TotalEnergies had previously anticipated extracting between 150 000 and 180 000 barrels of oil.
“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 previously said in 2024. 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."
