Recoverable resource in Vietnam oil well significantly above earlier projections: Murphy Oil
U.S.-based Murphy Oil Corporation (NYSE: MUR) has announced a major oil operation update, offshore Vietnam, with new recoverable resource estimates now exceeding 430 million barrels of oil equivalent (BOE), significantly above earlier projections.
Murphy Oil headquarters in the United States. Photo courtesy of Offshore Engineer Magazine.
In a press release on Tuesday, the company said it successfully drilled the Hai Su Vang-2X (HSV-2X) appraisal well in Block 15-2/17 in the Cuu Long Basin, approximately 40 miles offshore Vietnam.
The well was spudded in early October 2025 and represents a key milestone in the company’s appraisal program for the Hai Su Vang (Golden Sea Lion) field, discovered earlier in 2025.
The HSV-2X well was drilled to appraise the initial Hai Su Vang discovery, where the first well encountered around 370 feet of net oil pay across two reservoirs. Formation evaluation indicates strong reservoir continuity between HSV-2X and the original discovery well, HSV-1X.
During flow testing, the primary reservoir produced at a rate of approximately 6,000 barrels of oil per day. The crude oil was measured at 37 degrees API, indicating high-quality light oil consistent with the earlier discovery.
Based on these results, Murphy Oil said the updated midpoint of recoverable resources for the primary reservoir is now near the upper end of its previously stated range of 170 to 430 million BOE, with the high end of the revised estimate now exceeding 430 million BOE.
Murphy Oil plans to continue delineating the field through additional appraisal wells, including HSV-3X in Block 15-1/05 and HSV-4X in Block 15-2/17. Both wells are part of the company’s approved capital program, and Murphy reaffirmed its 2026 capital expenditure guidance of $1.1-1.3 billion.
Murphy Oil subsidiaries hold a 40% working interest in both blocks. Vietnam’s PetroVietnam Exploration Production Corporation (PVEP) owns 35%, while South Korea’s SK Earthon Co., Ltd. holds the remaining 25%.
Murphy Oil President and CEO Eric Hambly (left) and Party General Secretary To Lam in Hanoi on October 15, 2025. Photo courtesy of the government's news portal.
In October 2025, Murphy Oil President and CEO Eric Hambly affirmed Vietnam is a key partner in Murphy Oil’s global strategy, at a meeting with Vietnam's Party General Secretary To Lam.
In reply, To Lam called on the U.S. giant to continue close coordination with Vietnamese ministries, agencies, and partners to accelerate the implementation of its oil and gas projects, promote technology and knowledge transfer, and enhance the training of high-quality human resources.
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