Pharos Energy announces that licences for 2 Vietnam oil and gas fields have been extended until 2031/32

Pharos Energy, a UK-based oil & gas exploration company, announced on Friday that its two joint ventures operating in Vietnam had received approval from the local government to extend their licenses for five years until early 2030.

Pharos announced in a press release that the Te Giac Trang field operated by Hoang Long Joint Operating Company will be permitted to operate until December 7, 2031. TGT is situated in Block 16-1 in the Cuu Long Basin offshore Vietnam, and the licence was set to expire December 2026.

Pharos announced that the Ca Ngu Vang field (CNV), located in Block 9-2, and operated by Hoan Vu Joint Operating Company will see its licence extended from December 2027 to Dec. 15 2032.

The TGT field is expected to drill an appraisal well during the fourth quarter 2025. Both fields could also drill additional infills wells as a result.

Pharos stated that the extensions would increase proven and possible reserves in both fields by approximately 10% this year.

Pharos said that its working interest in Block 16-1 TGT will drop to 25.33 percent from the current 30.5% by Dec. 8, 2026 and its interest CNV to 20 percent from Dec. 16, 2020, from the current 25 percent.

Pharos partners include state firms PetroVietnam, PTTEP in Thailand and PetroVietnam.

(source: Reuters)