Venus Offshore Oil Project Forecast to Add Up to N$800 Billion to Namibia’s GDP

Venus Offshore Oil Project Forecast to Add Up to N$800 Billion to Namibia’s GDP. The proposed Venus Offshore oil project could contribute between N$536 billion and N$800 billion to Namibia’s Gross Domestic Product over a minimum period of 25 years, according to a newly released Environmental and Social Impact Assessment (ESIA). The assessment outlines the potential long-term economic contribution of the project, while noting that drilling activities could extend for up to 35 years.

The ESIA states that, over the anticipated project lifespan, the Namibian government could receive between N$127 billion and N$229 billion in revenue. This income would be generated through a combination of taxes, levies, and other direct and indirect payments linked to the project’s operations.

In addition to its projected GDP contribution and fiscal returns, the report indicates that the Venus Offshore oil project could create thousands of employment opportunities over its lifetime. These would arise across various phases of the project, including exploration, development, production, and associated support services.

The Venus Offshore project is operated by TotalEnergies EP Namibia in partnership with QatarEnergy, Namibia’s national oil company Namcor, and Impact Oil & Gas. The licence area covers Block 2913B, which is situated approximately 300 kilometres offshore from the coastal town of Lüderitz.

The Environmental and Social Impact Assessment forms part of the regulatory process required for large-scale offshore developments. It evaluates the potential economic, environmental, and social implications of the project, providing information to support decision-making by authorities and stakeholders.

While the ESIA highlights significant potential economic benefits, it also sets the framework for managing environmental and social considerations associated with offshore oil activities. The findings of the assessment will inform the next stages of regulatory review as the project progresses.

The Venus Offshore oil project is one of several developments under consideration in Namibia’s offshore energy sector, which has attracted increasing attention following recent exploration activity along the country’s coastline.