A new assessment shows that Namibia's planned Venus offshore oil development could become a major economic driver, contributing up to 18 percent of the country's gross domestic product during its peak years.
According to the Draft Environmental and Social Impact Assessment (ESIA), released on Wednesday, the project could boost the economy by 536 billion to 800 billion Namibian dollars (about 25 billion to 46 billion U.S. dollars) over the next 25 years.
Government income from taxes and other payments is projected at 127 billion to 229 billion Namibian dollars, while crude exports could total 593 billion to 888 billion Namibian dollars over the same period, the draft assessment says.
The Venus field, being developed by TotalEnergies EP Namibia B.V. alongside Impact Oil and Gas, NAMCOR, and Qatar Energy, is located about 300 km off the coast of southern Namibia in the deep waters of around 3,000 meters.
According to ESIA, the project plans to drill up to 40 subsea wells, while production is expected to last around 21 years, with the option of a 10-year extension.
Under the proposal, crude oil would be processed and stored on a floating production, storage, and offloading vessel before being transferred to a shuttle tanker and moved toward Walvis Bay, where it would be transferred to a conventional tanker offshore and shipped to buyers.
The project is also expected to create significant employment, with around 5,000 jobs during drilling and installation and 7,000 jobs during the production phase, the assessment noted.
