Namibia’s upcoming Venus offshore oil development could become a key pillar of the country’s economic growth, contributing up to 18 percent of its GDP at peak production. A new Draft Environmental and Social Impact Assessment (ESIA) released on Wednesday projects that the venture could inject between 536 billion and 800 billion Namibian dollars (approximately 25–46 billion U.S. dollars) into the economy over the next 25 years.
Government revenue from taxes and related payments is estimated to reach up to 229 billion Namibian dollars, while crude exports could bring in as much as 888 billion Namibian dollars during the same period. Spearheaded by TotalEnergies EP Namibia B.V. in partnership with Impact Oil and Gas, NAMCOR, and Qatar Energy, the Venus field lies some 300 kilometres off southern Namibia in deep waters of about 3,000 metres.
The project proposes the drilling of up to 40 subsea wells and anticipates a production lifespan of roughly 21 years, with an optional decade-long extension. Oil will be processed and stored on a floating production and storage vessel before being transported offshore for export. Beyond its fiscal promise, the project is projected to generate significant employment—around 5,000 jobs during drilling and installation and up to 7,000 in the production phase—offering Namibia a powerful new engine for industrial and social advancement.