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).

7,274
BOEPD
Production in 2018 from the TGT and CNV fields net to our working interest average was 7,274 boepd.
$74
Per BBL
The average realised crude oil price for 2018 was approximately $74 per bbl. A premium to Brent of over $3 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 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.

Production summary

Oil and gas production by field (figures in boepd)

  FY 2018 FY 2017
TGT production 5,686 6,724
Oil 5,346 6,299
Gas1 340 425
CNV production 1,588 1,552
Oil 1,052

1,037

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

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

Vietnam news

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...

Other operations

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