Vietnam Approves Pharos Energy's Offshore Oil Project

OE Staff
Friday, September 11, 2020

Pharos Energy said Friday it had received approval from the Prime Minister of Vietnam for the development plan of an offshore oil field in Vietnam.

Pharos, until recently known as Soco International, said that the approval of what is called the TGT Full Field Development Plan represented the "last stage of the required process."

Pharos has previously said that the plan, which includes drilling of six producer wells, had been approved by all partners in the field, and was awaiting PM's green light. The PM's approval, announced Friday, follows the recently granted two-year TGT field license extension to December 7, 2026.

"Ordering of long-lead items can now proceed to enable the commencement of the drilling of six firm development wells contained in the FFDP in Q4 2021 as planned," Pharos Energy said.

This infill-drilling program is targeted to increase gross production at TGT field off Vietnam from the current levels of around 15,000 boepd to around 20,000 boepd in 2022.

Credit: Pharos EnergyEd Story, President, and Chief Executive Officer, said: "We are pleased to have received approval from the Prime Minister of Vietnam for the TGT Full Field Development Plan. This final approval enables us to put plans in place to commence the drilling of the six new producer wells on TGT starting in Q4 2021, allowing us to realize further resources in the TGT field."

The offshore license area in the Cuu Long Basin in the South China Sea is operated by Hoang Long Joint Operating Company. Pharos owns a 30.5% working interest.

Production from Te Giac Trang field (TGT) began in 2011. According to Pharos' website 41 wells have been drilled so far and an estimated 78 mmboe produced. 

Oil from TGT is transported by a sub-sea pipeline to the nearby Armada TGT-1 FPSO, where it is processed and then exported by tanker. Gas from TGT is processed at nearby facilities and transported by pipeline to shore, to supply the Vietnamese domestic market.

Categories: Energy Activity FPSO Production Asia Floating Production Vietnam

Related Stories

BP Targets 44% Oil, 89% Gas Increase from India’s Mumbai High Field

Sembcorp Signs 10-Year LNG Supply Contract with Chevron

Valeura Boosts Production at Jasmine Field with Five New Wells Now Onstream

Shelf Drilling Secures $200M Contract Extensions with Chevron for Thailand Ops

CNOOC Starts Production at Another Oil Field in South China Sea

CNOOC Kicks Off Production from Bohai Bay Field

Mitsubishi Boosts Stake in Petronas’ Malaysia LNG Plant

TotalEnergies Signs LNG Supply Deal with South Korea’s HD Hyundai Chemical

TotalEnergies Extends LNG Supply Agreement with CNOOC Until 2034

ADNOC Signs 15-Year LNG Supply Deal with Indian Oil

Current News

CNOOC Boosts Dongfang Gas Fields Output with New Platform Coming Online

Petronas to Retain National Authority After Sarawak Gas Deal

Yinson Production Scoops $1B Investment to Upscale FPSO Business

Petronas Greenlights Hidayah Field Development Off Indonesia

Abu Dhabi's NMDC Group Gets $1.1B Subsea Gas Pipeline Job in Taiwan

BP Targets 44% Oil, 89% Gas Increase from India’s Mumbai High Field

US Operator Finds Oil Offshore Vietnam

BP to Help Boost Oil and Gas Output at India’s Largest Producing Field

Europe's Gas Uncertainty Help Drive Asian LNG Spot Prices Higher

CNOOC’s South China Sea Oil Field Goes On Stream

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com