Pharos Energy plc, an independent energy company, is pleased to announce that it has received approval from the Vietnamese Government for the two-year extension of Phase One of the Exploration Peri...
Vietnam
We have established, valuable assets in Vietnam, with production at two fields (TGT & CNV) and further potential for growth from two additional exploration blocks (125 & 126).
Blocks
Production blocks
Blocks 16-1 and 9-2, which contain the TGT and CNV fields respectively, are located in shallow water in the hydrocarbon-rich Cuu Long Basin, near the Bach Ho field, the largest in the region with production already in excess of one billion barrels of oil equivalent.
Exploration blocks
Blocks 125 & 126, awarded in 2017, are in moderate to deep waters in the Phu Khanh Basin, north east of the Cuu Long Basin.
A two-year PSC extension was granted by MOIT on 13 June 2023, extending the first exploration period of the PSC to 8 November 2025.
An independent CPR for Block 125 was published on 20 July 2023, confirming a range of gross unrisked prospective oil resources of between 1,178 MMstb (1U) and 29,785 MMstb (3U) with a Mean value of 13,328 MMstb. The report supports the Group’s internal assessments and paves the way for further work to develop new leads and mature leads to prospects.
The ongoing interpretation of 3D seismic data has highlighted greater prospectivity in the deeper water section of Block 125.
Partners
The blocks are operated through non-profit Joint Operating companies in which each partner holds an interest equivalent to its share in the respective Petroleum Contract.
Pharos Energy has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang (TGT) field and is operated by the Hoang Long Joint Operating Company. Pharos’ unitised interest in the TGT field is 29.7%. Pharos also has a 25% working interest in the Ca Ngu Vang (CVN) field located in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Our partners in both blocks are PetroVietnam Exploration and Production, a subsidiary of the national oil company of Vietnam and PTTEP, the national oil company of Thailand.
Vietnam news
Pharos Energy plc, an independent oil and gas exploration and production company, is pleased to provide an update on its activities in Vietnam.
Pharos Energy plc, an independent oil and gas exploration and production company, is pleased to announce the first phase of the TGT infill development drilling programme in Vietnam has finished.
Other operations
Egypt
High quality oil production operations and development assets and exploration blocks, building our scale and creating significant opportunities.