Murphy Oil Corporation achieves appraisal success at Hai Su Vang oil field

Murphy Oil Corporation achieves appraisal success at Hai Su Vang oil field

The US-based Murphy Oil Corporation has announced that its subsidiary has drilled an appraisal well at the Hai Su Vang-2X (HSV-2X) field in the Cuu Long Basin, located approximately 64 km off the coast of Vietnam.

The well spud in early October 2025 and marks a major milestone in Murphy's strategic evaluation campaign for the Hai Su Vang (Golden Sea Lion) field.

The HSV-2X well was drilled to evaluate the 2025 Hai Su Vang discovery, where the initial discovery well encountered approximately 113 m of net oil pay across two reservoirs. The HSV-2X well encountered 131 m of net oil pay across the same two reservoirs, including 101.2 m of net oil pay in the deeper primary reservoir and 30 m of net oil pay in the shallow reservoir.

The primary reservoir achieved a production rate of 6,000 barrels of oil per day during flow testing of the appraisal well. The well produced high-quality, 37-degree API oil, which is consistent with the results from the discovery well.

These results confirm Hai Su Vang as a significant discovery and inform an updated range of recoverable resources for the field. The updated midpoint of recoverable resources for the primary reservoir is towards the high end of Murphy's previously communicates range of 170 to 430 MMBOE and the high end of the new range now exceeds 430 MMBOE.

Additionally, results from the shallow reservoir provide recoverable resource upside not included in the previous communications range. Additional evaluation wells are necessary to further refine the range of recoverable resources for both reservoirs.

“This is a pivotal moment for our Vietnam business,” said Eric Hambly, president and CEO of Murphy Oil Corporation. "The success of HSV-2X not only strengthens the commerciality of the Hai Su Vang field but also sets the stage for a robust development path. 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 evaluation campaign to further delineate the field and evaluate additional reservoir intervals with the HSV-3X evaluation well located in Block 15-1/05, and the HSV-4X well in Block 15-2/17. Both appraisal wells are included in Murphy's capital plans, and the corporation is reaffirming its previously stated CAPEX guidance of $1.1-1.3 billion for 2026.

Murphy's subsidiary, Murphy Cuu Long Tay Oil Co., Ltd. and Murphy Cuu Long Bac Oil Co., Ltd., serve as the operators of Block 15-2/17 and Block 15-1/05, respectively, hold a 40 per cent working interest in each block. PetroVietnam Exploration Production Corporation Ltd. holds a 35 per cent working interest in each block, and SK Earthon Co., Ltd. holds the remaining 25 per cent.

At a meeting with Hambly in Hanoi last October, Party General Secretary To Lam commended Murphy for its positive investment and business performance in Vietnam and welcomed the corporation's plans to expand and scale up its investment in oil and gas exploration and production in the country.

The Party leader encouraged the corporation to work closely with relevant Vietnamese ministries, agencies, and partners to expedite project implementation, promote technology and knowledge transfer, and strengthen the training of high-quality human resources, thereby contributing further to Vietnam's development and to bilateral relations.

VIR