Vietnam a key partner in Murphy Oil’s global strategy: exec

Vietnam remains a key partner in Murphy Oil’s global strategy, said Eric Hambly, the U.S. corporation's president and CEO.

Hambly made the statement at a meeting with Vietnam's Party General Secretary To Lam in Hanoi on Wednesday.

The Vietnamese top leader said he highly appreciates the group’s long-term investment and business activities in Vietnam which have produced "positive results".

He noted he welcomes Murphy Oil’s decision to expand and strengthen its oil and gas exploration and production activities in the country in the coming time.

The Party chief 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.

He affirmed that Vietnam will continue creating favorable conditions for foreign enterprises, including those from the United States, to invest and operate effectively in the country’s energy sector.

In response, Hambly reaffirmed Murphy Oil’s commitment to expanding its investment in Vietnam, supporting the development of the nation’s oil and gas industry, transferring advanced technologies, and training skilled local personnel, based on its achievements in Vietnam in recent years and confidence in the country’s strong growth potential, the government's news portal reported.

In a release on May 7 this year, Murphy Oil stated that it had made an oil discovery at the Lac Da Hong-1X (Pink Camel) well in the Cuu Long Basin offshore Vietnam, which was the second discovery in the company's current Vietnam exploration program.

"This discovery enhances the value of Murphy's growing Vietnam business when coupled with our nearby Lac Da Vang (Golden Camel) development and our recent Hai Su Vang (Golden Sea Lion) discovery," stated Eric Hambly, president and CEO of Murphy Oil, in a corporate release.

Hambly then noted that the Lac Da Hong (Pink Camel) discovery, combined with the previously announced Hai Su Vang (Golden Sea Lion) discovery, deepens the company's understanding of the resource potential in its Cuu Long Basin blocks.

During Q1, Murphy initiated construction of the floating storage and offloading vessel for the Lac Da Vang (Golden Camel) field development project.

Additionally, early in Q2, the company achieved the significant milestone of 1 million work hours with zero Lost Time Injuries on the platform construction for the Lac Da Vang (Golden Camel) field development project.

“Looking forward, we remain focused on progressing our onshore, Gulf of America and Vietnam development plans, creating additional value to generate excess cash flow for further shareholder returns,” Hambly added in the release.

In late January 2025, Murphy Oil said it is set to allocate $110 million of capital expenditure (CAPEX) for offshore operations in Vietnam in 2025.

In its Q4/2024 performance review, the corporation noted the figure includes $20 million for Lac Da Vang development drilling and $90 million designated for Lac Da Vang field development activities.

Murphy Oil is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities.