Pharos Energy records $185 mln revenue from Vietnam operation in 2022

Pharos Energy recorded a revenue of $184.8 million from its Vietnam operations in 2022, up 41% year-on-year, according to the London-headquartered firm’s preliminary result.

In Vietnam, the energy firm has a 30.5% working interest in Block 16-1, which contains 97% of the Te Giac Trang (TGT) field and 25% working interest in the Ca Ngu Vang (CNV) field located in Block 9-2. Both blocks are in the shallow-water Cuu Long Basin, offshore from southern Vietnam.

Besides, the business has 70% working interest in Blocks 125 and 126 in Phu Khanh Basin, offshore from central Vietnam and is conducting exploration activities there.

Last year, Pharos Energy’s production reached 5,418 barrels of oil equivalent per day (BOE/D), including 4,089 and 1,329 BOE/D from TGT and CNV operation, respectively.

The firm noted its total capital expenditure in Vietnam was $15.3 million in 2022, including $8.9 million for TGT activities, $3.2 million for CNV, and $3.2 million for Block 125.

For 2023, Pharos Energy expects production to reach 4,700-5,700 BOE/D. The firm estimates proved and probable reserves (2P reserves) of TGT and CNV at 12.2 million BOE, while contingent resources (2C resources) could reach 10.9 million BOE.