Murphy Oil spuds oil well in Vietnam, plans another in Q4/2024
Murphy Oil Corporation has started spudding activities at the Hai Su Vang -1X exploration well offshore southern Vietnam, the U.S.-headquartered oil firm says in its Q3/2024 performance review.
Murphy holds a 40% working interest in the well, part of Block 15-2/17. It has estimated that the well has a gross resource potential of 170-430 million barrels of oil equivalent (MMBOE).
In Q4/2024, the company plans to spud the Lac Da Hong-1X exploration well in Block 15-1/05. This well has a gross resource potential of 65-135 MMBOE. Murphy holds a 40% working interest in this well, too.
Murphy Oil headquarters in Texas, the United States. Photo courtesy of Murphy Oil.
Other stakeholders in the two wells are Petrovietnam subsidiary Petrovietnam Exploration Production (PVEP) with 35% and SK Earthon under South Korean chaebol SK Group with 25%.
Murphy has recorded $22.5 million in exploratory well costs capitalized over more than one year as of September 30, 2024. This amount included $15.1 million in Vietnam, $4.7 million in Canada and $2.7 million in Brunei, the firm said.
Murphy Oil also commenced platform construction for the Lac Da Vang field development project in Vietnam in Q3/2024. The field has a gross recoverable resource of 100 MMBOE. The firm has targeted “first oil” from the field in fiscal year 2026.
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