Murphy Oil plans $110 mln investment in 2025 offshore activities in Vietnam
The U.S.-headquartered Murphy Oil Corporation is set to allocate $110 million of capital expenditure (CAPEX) for offshore operations in Vietnam in 2025, the firm said on Thursday.
In its Q4/2024 performance review, Murphy Oil noted the figure includes $20 million for Lac Da Vang development drilling and $90 million designated for Lac Da Vang field development activities.
Lac Da Vang oilfield is located in Block 15-1/05 of the Cuu Long Basin offshore southern coast of Vietnam.
The investment in Vietnam accounted for a small portion of Murphy Oil’s total capex of $1.21 billion in 2025.
Murphy Oil headquarters in Texas, the United States. Photo courtesy of Murphy Oil.
For exploration activities in 2025, Murphy Oil will allocate $145 million, including Lac Da Hong-1X exploration well and a Hai Su Vang appraisal well in Vietnam, in addition to two activities in the Gulf of Mexico and one in Cote d’Ivoire.
Last month, Murphy Oil announced that it 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. The move was conducted in Block 15-2/17 of Hai Su Vang-1X exploration well, Cuu Long Basin, 40 miles offshore Vietnam, Murphy Oil added.
In its Q4/2024 review, Murphy Oil stated that it achieved a facility-constrained flow rate of 10,000 barrels of oil per day (BOPD) from Hai Su Vang-1X well.
“When you have a well at 13,000 ft that can flow 10,000 barrels a day in shallow water, that's a really strong, it's really indicative of a high-quality reservoir,” said Murphy Oil CEO-president Eric Hambly.
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