6 billion barrels? TotalEnergies starts drilling vital well that could double resources at golden block in Namibia



TotalEnergies has started drilling a vitally important exploration well in its “golden” block offshore Namibia, which if successful could double estimated resources of the Venus discovery to about 6 billion barrels of oil equivalent.

The French giant drilled the Venus-1X discovery well in February 2022 and this year is spending half its exploration budget on a two-rig exploration, appraisal and well testing campaign to determine just how big the discovery is.

A recent research note from Barclays said TotalEnergies estimates the discovery could hold more than 3 billion boe, and that the exploration well now drilling a potential western extension of the find could double this resource estimate.