Venus 1 is seen as paving the way for further projects
Namibia's upstream defies downturn
Large-scale, deepwater prospects continue to draw deep-pocketed investors
Namibia continues to attract fresh E&P activity, particularly from oil majors, in contrast to much of the rest of sub-Saharan Africa. But the recent withdrawal of UK-based producer Serica Energy shows the country has not been entirely shielded from the recent decline in investor appetite. Total continues to advance its sizeable Venus 1 (Block 2913B) prospect off the Namibian coast, where exploratory drilling is due to start in the third quarter of this year, according to minority stakeholder Africa-focused Impact Oil & Gas. Q3 2021 – Venus 1 due to spud Venus 1 is seen as a field which—if successful—could clear the path to development for other Namibian blocks. Canadian firm
Also in this section
26 February 2026
OPEC, upstream investors and refiners all face strategic shifts now the Asian behemoth is no longer the main engine of global oil demand growth
25 February 2026
Tech giants rather than oil majors could soon upend hydrocarbon markets, starting with North America
25 February 2026
Capex is concentrated in gas processing and LNG in the US, while in Canada the reverse is true
25 February 2026
The surge in demand for fuel and petrochemical products in Asia has led to significant expansion in refining and petrochemicals capacities, with India and China leading the way
