By Paulo Coelho
Namibia is on the brink of a historic transformation in its economic landscape. The Venus offshore oil field, discovered in the Orange Basin, represents a significant petroleum find for Namibia in recent years.
This project, a joint venture between TotalEnergies EP Namibia, QatarEnergy, Impact Oil and Gas, and NAMCOR, is poised to redefine Namibia’s economic trajectory and position the country as a new player in global energy markets.
A Strategic Milestone for Namibia
The Venus development is not merely an oil project; it is a cornerstone for Namibia’s long-term economic diversification. Traditionally reliant on mining and agriculture, Namibia now has an opportunity to build an oil and gas sector that complements its existing industries and accelerates the achievement of national development goals under Vision 2030 and the Harambee Prosperity Plan.
According to the Environmental and Social Impact Assessment (ESIA), the Venus project, with a minimum 25-year operational lifespan, could deliver sustained economic benefits throughout its lifecycle.
At peak production, the project could contribute 13–18% to Namibia’s GDP, while export earnings are projected to range between N$593 billion and N$888 billion over the period. These figures underscore the scale of the opportunity and its potential to reshape Namibia’s fiscal outlook.
Micro-economic impact: Employment
Another aspect of the Venus project is its potential to generate employment and stimulate local enterprise. During the production phase, the project is expected to create approximately 7,000 jobs, including direct, indirect, and induced employment.
These roles will span multiple sectors, such as:
- Oil & Gas Services
- Logistics and transportation
- Construction and infrastructure development
- Environmental management and compliance
- Hospitality
- Technical and engineering services
- Local enterprise support and supply chain activities
For a country with a youthful population and rising unemployment, these opportunities could be transformative. Beyond job creation, the ripple effect will extend into communities, fostering small business growth and injecting income into households across Namibia.
To ensure meaningful local participation, the ESIA outlines several enhancement measures, including:
- A dedicated supplier information portal to connect local businesses with procurement opportunities.
- Publication of detailed job requirement guides to help Namibians prepare for available roles.
- An accessible platform for job postings, ensuring transparency and equal access.
These initiatives aim to maximise local content and empower Namibians to actively contribute to and benefit from the project.
Fiscal and Social Impact
The Venus project’s economic impact goes beyond royalties and taxes. Increased government revenues from the project could enable Namibia to invest in critical development priorities such as:
- Infrastructure modernisation (roads, ports, and energy facilities)
- Education and skills development
- Healthcare improvements
- Affordable housing programs
Such potential investments could improve living standards but also strengthen Namibia’s competitiveness in the global economy. Additionally, the project is expected to attract significant foreign direct investment (FDI), reinforcing Namibia’s position as a stable and attractive destination for energy-related ventures and other industries.
Environmental Stewardship and Public Engagement
NAMCOR and its partners have placed strong emphasis on transparency and stakeholder engagement. Public consultations conducted under the ESIA framework provide platforms for communities to raise questions, voice concerns, and stay informed about project developments and their potential impacts. These forums are essential for building trust and ensuring that the project progresses in a socially responsible and environmentally sound manner.
Commitment to global best practices in environmental management is central to the Venus project. Measures to minimise ecological impact, safeguard marine biodiversity, and monitor emissions are integrated into the development plan. This approach reflects a balance between economic growth and environmental sustainability.
A Catalyst for National Transformation
The Venus project is more than an upstream oil discovery—it is a national milestone with the potential to transform Namibia’s economic landscape for generations. By fostering job creation, infrastructure development, and fiscal growth, Venus can catalyse broader socio-economic progress.
As development plans evolve and consultations continue, one thing remains clear: Venus development offers multiple opportunities. With a commitment to local content, environmental stewardship, and transparent governance, this project stands as a beacon for Namibia’s future—a future defined by resilience, prosperity, and global relevance.
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Author: admin
Managing the Namibia Oil and Gas Platform