Namibia advances major offshore oil and uranium mining projects

Namibia is seeing significant progress in its energy and mining sectors with two major projects moving toward production. TotalEnergies has announced that its Venus oil development in the ultra-deepwater Orange Basin is ready for sanction. The project, which aims to produce 150,000 barrels of oil per day, is targeting first oil around 2030, pending final commercial agreements and investment decisions.

Simultaneously, Bannerman Energy has received a positive final investment decision for the Etango uranium mine in the Erongo region. The project is slated for commissioning and first yellowcake production by 2028, with an expected annual output of approximately 3.5 million pounds of uranium oxide. The development is supported by approximately US$353 million in forecast pre-production capital expenditure, with much of the funding already secured through joint venture arrangements and existing cash reserves.