The U.S.-headquartered Murphy Oil Corporation expects to achieve first oil at the Lac Da Vang field off the southern coast of Vietnam in 2026.
Roger Jenkins, president and CEO of Murphy Oil, made the statement at a third quarter performance review meeting held Thursday in Houston, Texas.
The Lac Da Vang field has an estimated ultimate recovery of 100 million barrels of oil equivalent gross resources, with peak gross production of 30 to 40 thousand barrels of oil equivalents per day. Development of the block is set to be phased through 2029.
Murphy Oil forecasts a realization premium of $2-4 per barrel.
Murphy Oil has received approval from the Vietnamese government to advance its field development plan at Lac Da Vang oilfield in Block 15-1/05 of the Cuu Long Basin in Q3/2023.
In about a year until September 30, 2023, Murphy Oil spent $185.5 million on exploring wells, including $112.8 million in Vietnam, the highest; followed by $65.3 million in the U.S., $4.7 million in Canada, and $2.7 million in Brunei.
Murphy Oil holds a 40% working interest as the operator of Block 15-1/05 offshore southern Vietnam, with the two other shareholders being Petrovietnam Exploration Production Corporation (PVEP), the exploration arm of Vietnam’s state-owned Petrovietnam, with 35%; and SK Earthon, under South Korea’s chaebol SK, with 25%.