Pharos Energy is an independent oil and gas exploration and production company headquartered in the United Kingdom. It focuses on assets in Vietnam and Egypt, where it is involved in the development and production of hydrocarbons. The company’s strategy centers on maximizing value from its existing fields while pursuing selective growth opportunities through exploration and acquisitions. 

Pharos Energy is listed on the London Stock Exchange and is part of the mid-cap segment of the UK energy sector.

Group working interest 2025 production totalled 5,398 boepd net, comprising 4,095 boepd in Vietnam and 1,303 bopd in Egypt.

Vietnam

Pharos Energy's history with Vietnam since 1996 has been a success story both for the company and the country. As at 2025, Pharos has invested over $1.4 billion in the exploration, appraisal and development of oil and gas projects located offshore Vietnam since inception, making Pharos one of the largest British investors in the country.

Pharos Energy's operations are centered on offshore oil and gas production, development, and exploration. The company’s core producing assets are located in the Cuu Long Basin in southern Vietnam, a hydrocarbon-rich region. Here, it holds interests in two main producing fields: the Te Giac Trang (TGT) field in Block 16-1 and the Ca Ngu Vang (CNV) field in Block 9-2, both situated in shallow offshore waters. These fields form the backbone of Pharos Energy’s production in the country and have been in operation for many years, with ongoing drilling and appraisal activity aimed at sustaining and increasing output.

In these producing blocks, Pharos Energy does not operate alone but participates through joint operating companies alongside partners such as PetroVietnam Exploration and Production and Thailand’s PTTEP, holding minority working interests while contributing to development and production decisions.

Beyond current production, the company is also engaged in exploration activities in offshore central Vietnam, in Blocks 125 and 126 in the Phu Khanh Basin. These blocks are located in deeper waters and are considered prospective for future resource discoveries, supported by seismic analysis and resource assessments indicating significant potential volumes of oil.

Block 16-1 TGT Field

The TGT Field is located in Block 16-1, offshore Vietnam in the shallow water Cuu Long Basin, approximately 100km from Vung Tau.

Pharos Energy has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang (TGT) field and is operated by the Hoang Long Joint Operating Company. Pharos’ unitised interest in the TGT field is 29.7%. The company were awarded Block 16-1 in 1999 and production from TGT began in 2011. Oil from TGT is transported by a sub-sea pipeline to a nearby leased Floating Production Storage and Offloading vessel, 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.

Block 9-2 CNV Field

The CNV Field is located in Block 9-2, offshore Vietnam, in the shallow water Cuu Long Basin.

Awarded in 2000, Pharos holds a 25% working interest in the Ca Ngu Vang (CVN) field located in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. The CNV field was first discovered in 2002 by the CNV-1X well and production began in July 2008. The oil and gas produced from CNV are transported by sub-sea pipeline to a nearby central processing platform operated by Vietsovpetro. Here they are separated; gas is transported via pipeline to an onshore gas facility, while oil is held in a storage vessel prior to sale.

Development and Operations 

In 2025, Pharos commenced its six-well infill and appraisal drilling programme, the most significant investment into its Vietnamese assets since the initial development, that is designed to drive material production growth from both fields. On TGT, the first two infill wells, targeting the H1 and H5 fault blocks, were completed by the year end with encouraging results in line with pre-drill expectations. 

Blocks 125 & 126 Exploration

The Company continued to optimise its prospects and leads portfolio with detailed drilling engineering studies for the well on Prospect A. Most notably, the application for a two-year extension of the Blocks 125 & 126 PSC Exploration Period was granted by the Vietnamese Government in June 2025, extending the Exploration Period to 8 November 2027. This extension reflects the Government’s continued support for Pharos and underlines our commitment to the region. Additionally, in 2025, Pharos engaged an independent third-party adviser to support a formal process intended to identify a potential farm-in partner before exploration drilling commences with very encouraging engagement. In parallel, discussions continue with rig contractors to retain optionality for the prospect to be drilled. 

Production 

Production in 2025 from the TGT and CNV Fields net to the Group’s working interest averaged 4,095 boepd. This is in line with the 2025 production guidance for Vietnam of 3,600 – 4,600 boepd net. 

TGT production averaged 10,792 boepd gross and 3,202 boepd net to the Group. CNV production averaged 3,572 boepd gross and 893 boepd net to the Group. 

Exploration

The Company continued to optimise its prospects and leads portfolio with detailed drilling engineering studies for the well on Prospect A. Most notably, the application for a two-year extension of the Blocks 125 & 126 PSC Exploration Period was granted by the Vietnamese Government in June 2025, extending the Exploration Period to 8 November 2027. This extension reflects the Government’s continued support for Pharos and underlines our commitment to the region. 
Additionally, in 2025, Pharos engaged an independent third-party adviser to support a formal process intended to identify a potential farm-in partner before exploration drilling commences with very encouraging engagement. In parallel, discussions continue with rig contractors to retain optionality for the prospect to be drilled.

Egypt

Pharos holds a 45% working interest share in the El Fayum Concession in the Western Desert, with IPR Lake Qarun, part of the international integrated energy business IPR Energy Group, holding the remaining 55% working interest. The El Fayum Concession produces oil from 10 fields and is located 80 km southwest of Cairo. It is operated by Petrosilah, a 50/50 joint stock company between the contractor parties (being IPR Lake Qarun and Pharos) and the Egyptian General Petroleum Corporation (EGPC). 

Pharos also holds a 45% working interest share in the North Beni Suef (NBS) Concession in Egypt, which is located immediately south of the El Fayum Concession. The first development lease on the NBS Concession was awarded in September 2023 and oil production started in December 2023. IPR Lake Qarun operates and holds the remaining 55% working interest in the NBS Concession.

El Fayum

The El Fayum concession is located in the low-cost and highly prolific Western Desert, about 80km south west of Cairo and close to local energy infrastructure.
Consisting of 11 oil fields, the El Fayum Concession provides Pharos with 256km² of development acreage.

On 15 September 2021, the Group announced that the Pharos Group has entered into conditional agreements for the farm-out and sale of a 55% working interest and operatorship in each of the Egyptian El Fayum and North Beni Suef Concessions to IPR Lake Qarun Petroleum Co., a wholly owned subsidiary of IPR Energy AG.

On 21 March 2022, upon receiving the signature by the Egyptian Minister of Petroleum and Mineral Resources of the Deeds of Assignment, the farm-out and sale of a 55% working interest share and operatorship to IPR Lake Qarun Petroleum Co was completed.

Pharos Energy now holds a 45% working interest share in the El Fayum oil Concession in the Western Desert.

North Beni Suef

The North Beni Suef is located south of the El Fayum concession in the low-cost highly prolific Western Desert, about 80km south west of Cairo and close to local energy infrastructure.

Pharos was successful in their bid for the North Beni Suef concession in February 2019, following a bid round. 

In September 2021, Pharos entered into conditional agreements for the farm-out and sale of a 55% working interest and operatorship in each of the Egyptian El Fayum and North Beni Suef Concessions to IPR Lake Qarun Petroleum Co., a wholly owned subsidiary of IPR Energy AG.

Following completion of the farm-out, Pharos Energy now holds a 45% working interest share in the North Beni Suef (NBS) Concession in Egypt, which is located immediately south of the El Fayum Concession. IPR Lake Qarun operates and holds the remaining 55% working interest in the NBS Concession.

In 2023, the first exploration commitment well (NBS-SW1X) was declared a commercial discovery and put on production in December 2023. A new 20-year development lease for NBS-SW1X was awarded by EGPC in September 2023, opening up a new area for production and development.

Production

Production Production in 2025 from the El Fayum and NBS concessions net to the Group’s working interest averaged 1,303 bopd. This is slightly lower than 2025 production guidance for Egypt of 1,400 – 1,600 bopd net. This reflects natural decline in production from the existing wells without investment while awaiting approval from EGPC of the consolidation of the two concessions and the associated commitment work programme. 

El Fayum production averaged 2,768 bopd gross and 1,246 bopd net to the Group. NBS production averaged 127 bopd gross and 57 bopd net to the Group.

Commercial

In September 2025, Pharos received approval from the Executive Board of EGPC for the consolidation of the El Fayum and North Beni Suef Concession Agreements into a new consolidated concession agreement (the “Consolidated Concession”). Pharos will retain a 45% working interest in the Consolidated Concession, with IPR continuing as operator with a 55% working interest. In addition to the 12 development leases of the EF and NBS Concessions, the Consolidated Concession will include three new exploration areas. 

The Consolidated Concession unlocks significant value in the Western Desert by improving certain fiscal terms, extending the duration of the licenses, and committing the Contractor parties (Pharos Group and IPR) to additional work programmes to deliver production growth. Based on Pharos’ Competent Person’s Reports as at 31 December 2024, the Consolidated Concession could result in moving approximately 3.1 MMstb from contingent resources to 2P reserves, or a 25% increase from year end 2024, net to Pharos working interest. 

João Saraiva e Silva, Non-Executive Chair, Katherine Roe, Chief Executive Officer and Sue Rivett, Chief Financial Officer

KeyFacts Energy: Pharos Energy Egypt country profile   l   Vietnam country profile