Largest oil well in Southeast Asia of last two decades found offshore of Việt Nam

Largest oil well in Southeast Asia of last two decades found offshore of Việt Nam

The Murphy Oil Corporation has announced that its subsidiary has successfully drilled the Hải Sư Vàng-2X (HSV-2X) appraisal well offshore of Việt Nam, potentially the biggest oil discovery in Southeast Asia of the last 20 years.

An oil rig of Murphy Oil. —Photo Murphy Oil

The well is located in Block 15-2/17 in the Cửu Long Basin, about 40 miles offshore of Việt Nam.

According to analysis by Wood Mackenzie, Murphy Oil’s successful appraisal of the HSV-2X discovery positions it as the biggest oil find in Southeast Asia over the last two decades.

The HSV-2X appraisal well encountered 429 feet of oil across two reservoirs and tested at 6,000 barrels per day of 37° API oil. Murphy has revised its estimate of recoverable reserves towards the upper end of the previously announced 170–430 million barrels of oil equivalent range, with additional shallow reservoir sections offering further upside potential.

Angus Rodger, head of Asia-Pacific upstream analysis for Wood Mackenzie, said: "In a predominantly gas-prone region, oil discoveries of this scale are exceptional. HSV ranks as the third-largest oil discovery in Southeast Asia since 2000, trailing only Indonesia's Banyu Urip and Malaysia's Gumusut. Remarkably, Murphy has made two of the five largest oil finds since 2000 and was involved in the development of a third."

Eric Hambly, President and Chief Executive Officer of Murphy Oil, said: “This is a pivotal moment for our Việt Nam business. The success of HSV-2X not only reinforces the commerciality of the Hải Sư Vàng field but also sets the stage for a robust development programme. We are proud of our team’s execution and remain committed to working closely with our partners and the Vietnamese Government to unlock the full potential of this asset.”

Following completion of HSV-2X operations, Murphy will continue its strategic appraisal campaign to further delineate the field and assess additional reservoir intervals. This includes the HSV-3X appraisal well in Block 15-1/05 and the HSV-4X well in Block 15-2/17. Both wells are included in Murphy’s capital programme and the company reaffirmed its previously stated capital expenditure guidance of US$1.1–1.3 billion for 2026.

Murphy’s subsidiaries, Murphy Cuu Long Tay Oil Co., Ltd. and Murphy Cuu Long Bac Oil Co., Ltd., operate Block 15-2/17 and Block 15-1/05 respectively, each with a 40 per cent working interest. PetroVietnam Exploration Production Corporation Ltd. holds a 35 per cent working interest in each block, while SK Earthon Co., Ltd. owns the remaining 25 per cent.

The discovery offers Việt Nam an opportunity to reverse a two-decade decline in oil production. National output has fallen from 365,000 barrels per day in 2005 to below 120,000 barrels per day in 2025.

The find also comes at a critical time for Việt Nam’s ongoing offshore licensing round, which includes acreage in the Cửu Long Basin. Confirmation of a discovery of this scale in a mature basin is expected to draw renewed exploration interest. 

Bizhub