Pharos Energy recorded a revenue of $149 million from its Vietnam operations in 2023, according to the London-headquartered firm’s statement.
In combination with a revenue of $19 million from its operations in Egypt, the firm posted a total revenue of $168 million last year, lower than the $221.6 million recorded in 2022.
In Vietnam, Pharos Energy has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang oilfield, with an unitized interest in the oilfield of 29.7%.
Pharos also has a 25% working interest in the Ca Ngu Vang oilfield located in Block 9-2. Blocks 16-1 and 9-2 are located in the shallow water Cuu Long Basin off southern Vietnam.
Pharos also holds a 70% interest in and is the designated operator of Blocks 125 & 126, located in Phu Khanh Basin, to the northeast of Cuu Long Basin, offshore central Vietnam.
In 2023, Pharos Energy’s production reached 6,508 barrels of oil equivalent per day (boepd), comprising of 5,127 boepd in Vietnam and 1,381 in Egypt, the firm stated.
For the Te Giac Trang, the revised field development plan (RFDP) was approved by the Ministry of Industry and Trade on January 9, 2024. For the Ca Ngu Vang, the RFDP was submitted to relevant agencies and partners for approval.
Pharos Energy also highlighted that it had received positive feedback from Vietnam’s state-owned Petrovietnam and the trade ministry on five-year extension proposals to the Te Giac Trang and Ca Ngu Vang licences.
Regarding Blocks 126 & 126, the two-year production sharing agreement has been extended to November 2025.