February 05, 2025 [Reuters]- French oil major TotalEnergies expects to take a final investment decision (FID) on its Namibian offshore oil discovery in 2026, CEO Patrick Pouyanne said on Wednesday at a press briefing.

The development would have a production capacity of 150,000 barrels per day, down from an initial 160,000 barrels per day discussed at its investor day in October.

Pouyanne had previously targeted the end of 2025 for a decision on FID at a results call last April.

The French oil major has said it is struggling to achieve breakeven at under $20 per barrel, an internal requirement for FID.

Promising offshore discoveries in Namibia, which has no oil and gas production, have been complicated by a high amount of gas that will make development more expensive.

Last month BP wrote down its Namibian discoveries, while Chevron declared its initial findings commercially unviable.

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data