Venus Well Development and Operation Investment Estimated at US$18bn …over US$2 billion will be spent locally
The Venus offshore oil project in Namibia is nearing a final investment decision with an estimated $18 billion total cost. The project aims to boost the local economy by spending over $2 billion in-country and creating thousands of jobs through a new training academy.
Why it matters
Large-scale energy projects in developing nations are increasingly scrutinized for their local content requirements and long-term economic impact on the workforce.
The Venus well project, which is on the cusp of its Financial Investment Decision (FID), is estimated to require capital development/investment of over US$11 billion in the development phase.
If developed, it will further require US$7 billion in operations over the life of the field.
This was revealed by Mtundeni Ndafyaalako, the executive for upstream Development and production at Namcor during the 3rd Edition of the Youth in Oil & Gas Summit (YIOGS 2026) in Walvis Bay.
Out of the total costs, over US$2 billion will be spent locally, according to Namcor’s estimation.
Ndafyaaloko also reminded the country that the conversations are moving closer to Final Investment Decision for major offshore projects, specifically commencing with Venus.
“That means the conversation can no longer just be about seismic data and exploration drilling. It must be about Talent, Capital, and Local Content. It must be about you,” she told the youth-driven conference.
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