A six-well drilling programme is now underway in Vietnam, targeting both production and appraisal across two established offshore fields. The campaign includes four wells on the TGT field and two on the CNV field. It is being executed using modern jack-up rigs supplied by a single contractor, with the first unit already in operation and the second due to join in December. The full programme is expected to run into the first half of 2026.
The TGT field activity covers infill wells and a western area appraisal, while the CNV drilling includes appraisal work in the northern section. The sequencing indicates a clear prioritisation of near-term deliverability alongside long-term field definition.
Deploying two rigs into a back-to-back multi-well programme reduces idle time and provides operational consistency. The structure of the work, with well durations ranging from around one to three months, creates a blend of short and mid-term exposure that supports both revenue and scheduling efficiency. It also reinforces the contractor’s ability to support multi-rig logistics in Southeast Asia, a region where fragmented demand has often limited scale.
While larger markets continue to dominate headlines, Vietnam offers steady, well-understood projects that suit disciplined capital.
Pharos Energy Plc (LON:PHAR) is an independent energy company with a focus on delivering long-term sustainable value for all stakeholders through regular cash returns and organic growth, underpinned by a robust cash flow and resilient balance sheet.
