TotalEnergies Calls Namibia Its "Golden Province" — and Plans a Multi-FPSO Hub

What "Golden Province" Means — and Why It Matters

In the oil and gas industry, a company declaring a country or region its "golden province" is a significant public statement. It signals that the company views that geography as a core, long-term production hub — not a one-off exploration bet. TotalEnergies' deputy CFO used this precise language in reference to Namibia in February 2026, placing Namibia alongside other "golden provinces" that have defined the careers of major oil companies.

The statement reflects TotalEnergies' strategic consolidation of two of Namibia's largest offshore discoveries — Venus and Mopane — under its operatorship, giving it a dominant position in the country's nascent oil sector. Combined, these two assets are expected to produce approximately 350,000 barrels of oil per day when both are in full production between 2030 and 2032.

The Two Fields: Venus and Mopane

Venus: The First FPSO

Venus was discovered in 2022 in Block 2913B (PEL 56), approximately 320 kilometres southwest of Lüderitz in approximately 3,000 metres of water. It is one of the largest offshore oil discoveries of the past decade, estimated to contain several billion barrels of oil equivalent.

The key challenge for Venus FID is achieving TotalEnergies' internal breakeven target of under $20 per barrel of oil equivalent. The project faces cost pressures from its deepwater location, significant associated gas content (which complicates production), and negotiations with the Namibian government on fiscal terms, local content obligations, and cost-sharing arrangements.

Mopane: The Second FPSO

Mopane is Namibia's largest single discovery to date, estimated at over 10 billion barrels by original operator Galp. TotalEnergies acquired 40% operatorship of PEL 83 (Mopane) through a December 2025 asset swap with Galp, in exchange for a 10% stake in Venus. This positions TotalEnergies as operator of both major fields in the Orange Basin.

Mopane's 10 billion barrel headline estimate requires context. This figure represents Galp's unrisked gross hydrocarbon in-place estimate from its April 2024 announcement — not recoverable reserves. In April 2025, Galp published a more refined recoverable resource estimate of approximately 875 million barrels of oil equivalent, based on data available through late 2024 and excluding results from the most recent wells. Further appraisal drilling planned for 2026 will be critical in determining actual producible volumes and reservoir characteristics before an FID can be taken in 2028. See the full analysis of the Galp-TotalEnergies asset swap for deal details.

The Multi-FPSO Hub Concept Explained

TotalEnergies is not developing Venus and Mopane as standalone projects. Instead, the company is pursuing an integrated multi-FPSO hub — a proven model from other basins (Brazil's pre-salt, West Africa) where shared infrastructure significantly reduces per-barrel costs.

How a Multi-FPSO Hub Works

Under the hub concept, multiple FPSOs in the same region share:

• • Logistics vessels: Supply boats, anchor handlers, and crew transfer vessels serve multiple FPSOs on common schedules, reducing vessel costs per project
• • Helicopter routes: Crew change flights to multiple FPSOs can be consolidated, reducing aviation costs
• • Onshore base: A single supply base (Walvis Bay) serves both developments, amortising port infrastructure costs
• • Management and oversight: A single country organisation manages both projects, avoiding duplication of management overhead
• • Emergency response: Shared safety and emergency response infrastructure improves response times and reduces individual project costs

The hub model is one of the primary mechanisms through which TotalEnergies expects to achieve its sub-$20/barrel cost target for Venus. Operating two large FPSOs in the same waters spreads fixed costs across a larger production base, materially improving individual project economics.

350,000 Barrels Per Day: What That Means in Context

TotalEnergies projects combined production of approximately 350,000 barrels of oil per day from Venus and Mopane between 2030 and 2032 — when both are in plateau production. To put this in context:

If TotalEnergies' projections are realised, Namibia would immediately become a mid-tier African oil producer from a standing start — and that's from TotalEnergies' assets alone. Shell's potential Graff development and other emerging fields could push Namibia's total production considerably higher through the 2030s.

FID Timeline: What Needs to Happen Before Green Light

Venus FID (Target: 2026)

For Venus FID to proceed in 2026, the following conditions must be met:

• • Environmental Clearance Certificate (ECC): ESIA submitted January 12, 2026 — ministerial decision awaited from the Ministry of Environment, Forestry and Tourism (MEFT) and Ministry of Industries, Mines and Energy (MIME)
• • Cost negotiations: TotalEnergies and Namibian government reaching agreement on fiscal terms, local content, and potential cost-sharing to achieve sub-$20/barrel economics
• • Board approval: TotalEnergies board sign-off on the final project concept and investment
• • Financing arrangements: Project financing structures agreed with lenders where applicable

Mopane FID (Target: 2028)

Mopane's path to FID is longer, with a 3-well appraisal programme planned for 2026 to properly characterise the resource before committing to development. Key milestones:

• • 2026: 3-well appraisal drilling to confirm resource volumes and reservoir properties
• • 2026–2027: Concept selection for FPSO design (at least 200,000 bpd capacity)
• • 2027–2028: ESIA process, regulatory approvals, fiscal negotiations
• • 2028: Targeted FID
• • 2030–2032: First oil from Mopane (5-year construction from 2028 FID)

Economic Impact on Namibia

TotalEnergies' multi-FPSO hub, if realised as planned, would fundamentally transform Namibia's economy. Key economic projections:

• • Venus oil export value alone: N$593–888 billion over the project lifetime (from the ESIA economic assessment)
• • Government revenue: Initial 5% royalty + 1.5% export levy from first oil, rising to 35% petroleum income tax once development costs are recovered
• • Local content: Mandatory procurement of goods and services from Namibian suppliers, plus skills transfer and employment requirements under the national upstream local content policy
• • Supply chain development: Walvis Bay port to serve as primary onshore supply base, driving logistics, warehousing, and service industry development

For more on Namibia's government revenue timeline and what first oil means for national finances, see our analysis: Namibia First Oil 2029–2030: Complete Timeline.

TotalEnergies' Competitive Position in Namibia

TotalEnergies' consolidation of both Venus and Mopane operatorship gives it an unmatched position in Namibian offshore oil — no other company operates fields of comparable scale in the country. This dominance brings advantages but also responsibilities.

For a full comparison of Shell's and TotalEnergies' respective positions in Namibia, see: Shell vs TotalEnergies in Namibia: Who Has the Better Hand?

Risks to the "Golden Province" Narrative

The "golden province" label carries high expectations. Several risks could delay or reduce the scale of TotalEnergies' Namibia ambitions:

• • Cost challenges: Sub-$20/barrel target for Venus is described as "challenging" — failure to achieve it could delay or restructure the project
• • Regulatory complications: Namibia flagged approval concerns over the Galp-TotalEnergies stake transfer in February 2026
• • Gas commercialisation: Both Venus and Mopane have significant associated gas — gas monetisation strategy (reinjection, LNG, domestic use) adds complexity and cost
• • FID slippage: Venus FID has already shifted from "end-2025" to "2026" — further delays are possible if negotiations extend
• • Mopane appraisal risk: The 10+ billion barrel resource estimate requires confirmation through 2026 appraisal drilling
• • Oil price volatility: Project economics depend on sustained oil prices; a material decline could affect FID decisions

Bottom Line

TotalEnergies' "golden province" declaration reflects a genuine strategic commitment to Namibia, backed by operational control of the country's two largest discovered fields. The multi-FPSO hub strategy — targeting 350,000 barrels per day from Venus and Mopane by 2030–2032 — would make TotalEnergies the defining oil company in Namibia for the coming decades.

Venus FID in 2026 is the critical near-term milestone. If the environmental clearance certificate is granted and cost negotiations conclude successfully, TotalEnergies will have taken the most consequential investment decision in Namibia's history. Mopane's 2026 appraisal programme will then set up the second major FID in 2028.

For investors monitoring Namibia's oil development, TotalEnergies' stated commitment at the level of "golden province" is a meaningful signal that the country's upstream development is not being treated as an optional or marginal activity — but as a core pillar of one of the world's largest oil companies' long-term strategy.