By: Nghiinomenwa-vali Hangala
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.
The Namcor executive also gave an overview of the local content based on the actual field development plans FDP and tendering packages for the Venus project scopes.
She indicated that several jobs will be created in-country: 5,000 will be created at the construction phase, comprising 1,300 direct, 1.200 indirect, and 2,500 induced.
This targets 50% of direct jobs at the end of the construction phase to belong to Namibians.
At the development phase, the well development is estimated to create 7,000 jobs consisting of 600 direct, 600 indirect, and 5, 800.
The project is targeting for 90% of direct jobs at the end of the production phase to belong to Namibians.
In terms of capacity building, Namcor updates revealed that the JV has agreed to the creation of Venus Academy, which will outlive the project.
The Venus Academy is scheduled for commissioning in Q1 2029 and is a unique training institution covering all project scopes at all levels (skilled & semi-skilled) to build and certify highly competent Namibian professionals to international energy standards.
In terms of local supply chain development, Ndafyaaloko has indicated that the operator will have a live centralised portal for local suppliers and systematic public events, including targeted service supplier days.
She stated that the well developer and operator will have an in-country spend and fabrication over the life of the project, which will be at the core of creating local jobs and building local supply chains.
She added that this was NAMCOR’s focus when approving the Field Development Plan (FDP) in terms of the maximisation of in-country fabrication and assembly of subsea equipment and infrastructure.
According to Namcor, over US$2 billion will be spent in the key development regions, namely Erongo (Walvis Bay), Kharas (Luderitz) and Khomas (Windhoek), comprising of US$600 million for the drilling scope, US$300 million for the subsea, US$25 million for the FPSO and at least US$1.1 billion in the field operations.
ACTIONABLE PREPAREDNESS: TALENT & LOCAL CONTENT
However, Ndafyaaloko noted that opportunity requires preparation, stating that local content is not a gift or a quota; “it is built on competence, compliance, and commitment.”
She said this is why Namcor is deeply invested in the entire value chain of local participation by building the talent pipelinethrough initiatives with Petrofund, UNAM, NUST, and NIMT.
“We are aligning educational curricula with real offshore standards so that Namibian graduates step onto vessels and platforms industry-ready,” said Ndafyaaloko.
She called upon industry partners, operators, and financial institutions present to use this summit and further engagement to create concrete pathways for internships, mentorships, joint ventures, and supplier contracts.
Ndafyaaloko also told the Namibian youth that the energy transition and our national resource endowment belongs to them.
Saying that “NAMCOR is committed to walking this road to 2035 with you, ensuring that Namibian talent powers Namibian prosperity.”
She added that as the country prepares for the first oil, NAMCOR’s role is not only to steward Namibia’s commercial interests offshore, but to ensure that the wealth beneath our waters builds lasting capacity in the country.
erastus@thevillager.com.na
