Offshore staff
LONDON – Pharos Energy says the latest development well on the CNV Field offshore southern Vietnam is producing above expectations at about 3,000 bbl/d. The pre-drill estimate was closer to 1,000 bbl/d.
This is a lateral drilled from an existing well, which reduced the cost and also established the potential for additional low-cost drilling in the field.
The company expects drilling of two new wells on the offshore TGT Field to start by the third quarter, after the partnership submitted a revised field development to Vietnam’s regulator for approval.
Applications are also out for extensions to the TGT and CNV licenses, with the partners discussing license terms and work commitments for the extension period with PetroVietnam.
The Prime Minister’s office is reviewing an application for an extension to the exploration phase of Pharos’ production sharing contract for Blocks 125 and 126 offshore eastern Vietnam.
In the meantime, work continues on securing both a rig and a farm-in partner to drill the commitment well on Block 125.
05.25.2023
