Pharos Energy, an independent E&P company, received approval from the Prime Minister of Vietnam for its Te Giac Trang (TGT) full-field development plan (FFDP), enabling the company to begin drilling six new producer wells in Q4 2021.
The FFDP was the last stage of the required process following recent approval of an initial 2-year license extension to 7 December 2026 approved in August.
The infill-drilling program is targeted to increase gross production at TGT from the present 15,000 BOE/D to around 20,000 BOE/D in 2022.
The approval also allows for long-lead items to be ordered to enable the start of drilling for those wells.