Murphy Oil Corporation has announced a significant oil discovery at its Hai Su Vang-1X exploration well in Block 15-2/17 in the Cuu Long Basin, approximately 40 miles offshore Vietnam. The discovery has the potential to lead the development of a new oil field in the region.

The Hai Su Vang-1X well, spudded in the third quarter of 2024, reached a total depth of 13,124 feet in 149 feet of water. The well encountered approximately 370 feet of net oil pay from two separate reservoirs, indicating a substantial accumulation of hydrocarbons. Current resource potential is estimated to be between 170 and 430 million barrels of oil equivalent (MMboe).

Murphy's subsidiary, Murphy Cuu Long Tay Oil Co., Ltd., operates Block 15-2/17 and holds a 40% working interest. The remaining interests are held by PetroVietnam Exploration Production Corporation Ltd. (PVEP), with 35%, and SK Earthon Co., Ltd., with 25%. This partnership brings together the expertise and resources of established players in the oil and gas industry.

This discovery marks a significant milestone for Murphy Oil and its partners in the region. The Cuu Long Basin is a proven hydrocarbon province, and this new find underscores its continued potential. The Hai Su Vang prospect is one of several exploration targets identified by Murphy in the basin, suggesting the possibility of further discoveries in the future.

The company is currently evaluating the results of the Hai Su Vang-1X well and plans to conduct further appraisal drilling to better define the size and commercial viability of the discovery. Appraisal drilling will provide more detailed information about the reservoir characteristics, including its extent, porosity, and permeability. This data will be crucial in determining the optimal development plan for the field.

“I am pleased with the success of the Hai Su Vang-1X exploration well. This discovery adds further upside to our current Vietnam business,” said Eric M. Hambly, President and Chief Executive Officer of Murphy Oil. “We look forward to working with our partners as we continue evaluating the results.”

The discovery is particularly significant given the current global energy landscape. With increasing demand for energy resources, new discoveries like this play a crucial role in ensuring future supply. The potential development of the Hai Su Vang field could contribute significantly to Vietnam's energy production and economy.

The success at Hai Su Vang-1X highlights Murphy Oil's ongoing commitment to exploration and its ability to identify and unlock valuable resources. The potential development of the Hai Su Vang field could represent a significant new production hub for the company in Southeast Asia. The discovery also strengthens the partnership between Murphy, PVEP, and SK Earthon, setting the stage for potential future collaborations in the region. The company's focus remains on maximizing shareholder value through strategic exploration and development activities. The Hai Su Vang discovery is a testament to this strategy and positions Murphy Oil for continued success in the global energy market.