TotalEnergies' (NYSE:TTE) deepwater Venus Project in offshore Namibia now targets an initial production capacity of roughly 150,000 barrels of oil per day, with first oil aimed for 2030. Related: Harold Hamm Bets Bigger on Argentina’s Vaca Muerta Shale BoomIn contrast, South Africa has made little progress here, despite owning two-thirds of the basin. South Africa’s largest undeveloped offshore gasLocated in Oranger Basin’s Block 2A, the Ibhubesi Gas Field is South Africa’s largest undeveloped offshore gas field, holding an estimated 540 billion cubic feet of natural gas and 4.3 million barrels of condensate. However, legal challenges and regulatory hurdles have also played a big role in encumbering South Africa’s progress. In South Africa, by contrast, overlapping regulatory authority and prolonged approval processes can stretch permitting timelines to as long as five years.