Murphy Oil discovers oil at well offshore southern Vietnam
Murphy Cuu Long Tay Oil Ltd., a subsidiary of the U.S.-headquartered Murphy Oil Corporation, has drilled an oil discovery at the Hai Su Vang-1X exploration well offshore southern Vietnam, encountering about 370 feet of net oil pay from two reservoirs.
In a Tuesday statement, Murphy Oil said the move was conducted in Block 15-2/17 of Hai Su Vang-1X exploration well, Cuu Long Basin, 40 miles offshore Vietnam. The well was drilled to a total depth of 13,124 feet (four kilometers) in 149 feet (113 meters) of water, Murphy Oil added.
Murphy Oil headquarters in the United States. Photo courtesy of Seeking Alpha.
The findings can help develop the basis for future development of Hai Su Vang field. Additional evaluation is ongoing and future appraisal drilling will be conducted, according to Murphy Oil.
“This discovery adds further upside to our current Vietnam business,” said Eric Hambly, president and CEO of Murphy Oil.
Murphy Cuu Long Tay Oil Co., Ltd. is the operator of the block with 40% of the working interest. PetroVietnam Exploration Production Corporation (PVEP), an arm of state-owned Petrovietnam, holds a 35% working interest. SK Earthon under South Korean chaebol SK holds the remaining 25%.
In December 2024, Murphy Oil said the Hai Su Vang -1X exploration well has a gross resource potential of 170-430 million barrels of oil equivalent (MMBOE). Murphy Oil started spudding activities there in the third quarter of 2024.
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