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).

7,081
BOEPD
Production in 2019 from the TGT and CNV fields net to our working interest average was 7,081 boepd.
$68.48
Per BBL
The average realised crude oil price for 2019 was $68.48 per bbl. A premium to Brent of over $4 per 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.

Acquisition of 7,000km of new 2D seismic was completed in May 2019 on time and within budget. The seismic data is being processed and analysed to identify areas for further 3D seismic acquisition.

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.

Production summary

Oil and gas production by field (figures in boepd)

  FY 2019 FY 2018 FY 2017
TGT production 5,382 5,686 6,724
Oil 5,034 5,346 6,299
Gas1 348 340 425
CNV production 1,699 1,588 1,552
Oil 1,106 1,052

1,037

Gas1 593 536 515
Total production 7,081 7,274 8,276
Oil 6,140 6,398 7,336
Gas1 941 876 940

1Assumes oil equivalent conversion factor of 6,000 standard cubic feet per barrel of oil equivalent.

Vietnam news

Pharos Energy plc, an independent oil and gas exploration and production company, is pleased to announce that the Joint Operating Company’s (JOC) request for an extension for the TGT field licence...

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