TotalEnergies balances bold Absheron investment with Venus oil delay
TotalEnergies has announced a final investment decision (FID) for the full-field development of the Absheron gas project in Azerbaijan, while the timing for the multibillion-dollar Venus oil development in Namibia remains unresolved in its latest global strategy.
The French energy major’s Strategy and Outlook presentation, released on Monday, highlights Namibia among six key countries expected to support its oil and gas growth beyond 2030. However, the company did not provide a new FID date for the Venus project, which was previously targeted for 2026.
Absheron project sanctioned amidst Venus uncertainty
On the same day as the strategy release, TotalEnergies and its partners confirmed FID on the Absheron gas and condensate field located in the Caspian Sea, about 100 kilometers southeast of Baku. TotalEnergies operates Absheron with a 35% stake alongside SOCAR (35%) and XRG (30%).
The Absheron development is set to expand production to six billion cubic meters of gas annually and 47,000 barrels per day of condensate, with start-up expected in 2029. The project builds on an initial phase that began production in 2023, delivering 1.5 billion cubic meters of gas and 12,000 barrels per day of condensate.
“We are pleased to announce the launch of Absheron Full Field development, a project that unlocks the full production potential of one of the Caspian Sea’s largest gas discoveries,” said TotalEnergies chairman and CEO Patrick Pouyanné. “Absheron is a low cost and low emissions project that will provide long-term gas supply, supporting regional energy security.”
Venus project status and challenges
Unlike Absheron, the Venus oil project in Namibia has yet to reach a final investment decision, with its previously targeted 2026 FID date passing without confirmation. The Venus project, with estimated resources of approximately 750 million barrels of oil equivalent, is designed to produce around 150,000 barrels per day, aiming for first oil around 2030.
TotalEnergies had completed technical appraisals and front-end engineering and design, securing competitive contractor bids to clarify capital costs. However, ongoing discussions with the Namibian government have delayed the decision.
“We are technically ready to proceed but still need to conclude discussions with the government,” said Carlos Menezes, TotalEnergies Namibia joint venture and development director. “We really need to be moving soon on this decision.”
Despite the delay, Namibia remains part of TotalEnergies’ long-term upstream growth plans, alongside other countries like Nigeria, Libya, Malaysia, Mozambique, and Papua New Guinea.
Future plans
TotalEnergies plans to invest between US$14 billion and US$17 billion annually from 2027 to 2032 in its oil and gas portfolio, aiming for production growth of more than 3% annually through 2030 and 2% – 3% growth from 2030 to 2035.
In addition to Venus, TotalEnergies is developing the Mopane discovery in Namibia, targeting a final investment decision in 2028.
While the timeline for Venus remains unclear, TotalEnergies’ continued commitment to Namibia signals its strategic importance in the company’s future energy mix beyond 2030.
