The Group issues the following reserves update for the TGT and CNV fields in 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).
The TGT Field is located in Block 16-1, offshore Vietnam in the shallow water Cuu Long Basin, approximately 100km from Vung Tau.
The CNV Field is located in Block 9-2, offshore Vietnam, in the shallow water Cuu Long Basin.
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.
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.
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 holds a 30.5% working interest in Block 16-1 and a 25% working interest in Block 9-2. 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.
Oil and gas production by field (figures in boepd)
|FY 2019||FY 2018||FY 2017|
1Assumes oil equivalent conversion factor of 6,000 standard cubic feet per barrel of oil equivalent.
The Group announces that it has signed a new US$125 million Reserve Based Lending Facility (“RBL”) secured against the Group’s producing assets in Vietnam. In addition to the committed US$125 milli...
The Group is pleased to announce that Hoang Long Joint Operating Company (HLJOC) has signed a contract extending the FPSO Bare Boat Charter located in the Te Giac Trang (TGT) field, offshore Vietnam.
High quality oil production operations and development assets and exploration blocks, building our scale and creating significant opportunities.