UK-based oil and gas explorer Pharos Energy said its two joint ventures in Vietnam have received local government approval to extend their licenses by five years to the early 2030s.
The Te Giac Trang (TGT) field, operated by the Hoang Long Joint Operating Company, will be allowed to operate until Dec. 7, 2031, Pharos said in a statement. TGT is located in Block 16-1 of the Cuu Long Basin in offshore Vietnam and the licence had been set to expire in December 2026.
The Ca Ngu Vang (CNV) field, located in Block 9-2 and operated by Hoan Vu Joint Operating Company, will have its licence extended until December 15, 2032 from December 2027, Pharos said.
As a result of the extensions, the TGT field will begin drilling an appraisal well in the fourth quarter of 2025, and both fields may drill additional infill wells, it added.
The extensions will increase proven and probable reserves at both fields by about 10% by the end of this year, Pharos said.
Pharos' working interest in Block 16-1 (TGT) will fall to 25.33% from Dec. 8, 2026, from 30.5% currently, and its interest in the CNV field to 20% from Dec. 16, 2027, from the current 25%, the company said.
State firms PetroVietnam and Thailand's PTTEP are among Pharos' partners in the fields.
(Reuters - Reporting by Gabrielle Ng; Editing by Florence Tan and Kirsten Donovan)