UK-based oil and gas explorer, Pharos Energy has received approval from the government to extend the license of TGT and CNV fields by five years in Vietnam, allowing operations to continue into the early 2030s.

The Te Giac Trang (TGT) field, operated by the Hoang Long Joint Operating Company, has received  an extension until December 7, 2031. The TGT field is located in Block 16-1 of the Cuu Long Basin offshore Vietnam, and its original license was set to expire in December 2026.

Similarly, the Ca Ngu Vang (CNV) field, located in Block 9-2 and operated by Hoan Vu Joint Operating Company, has received an extension until December 15, 2032, from its previous expiration date in December 2027.

As a result of these extensions, the TGT field is set to begin drilling an appraisal well in the fourth quarter of 2025, and both fields may drill additional infill wells.

The extensions will increase proven and probable reserves at both fields by about 10% by the end of this year, Pharos said on Friday.

Meanwhile, Reuters reported that Pharos Energy’s working interest in Block 16-1 (TGT) will decrease to 25.33% from December 8, 2026, down from the current 30.5%. the company’s interest in the CNV field will also drop to 20% from December 16, 2027, from the current 25%.

State firms PetroVietnam and Thailand’s PTTEP are among Pharos Energy’s partners in these fields.