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).

Production in 2023 from the TGT and CNV fields net to our working interest
The average realised crude oil price in 2023 was $87.42/bbl (2022: $106.44/bbl), and the premium to Brent was just under $7/bbl on average (2022: over $4/bbl)
Vietnam 1440X810 Operations 01

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. 


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.

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High quality oil production operations and development assets and exploration blocks, building our scale and creating significant opportunities.