Murphy Oil Corporation announced on Tuesday (January 6th) that its subsidiary successfully appraised the Hai Su Vang-2X (HSV-2X) well in Vietnam’s Cuu Long Basin, confirming a significant commercial oil discovery. This milestone underscores the company’s strategic expansion in offshore exploration and production within Vietnam.
Located approximately 40 miles (65 km) off Vietnam’s coast, the HSV-2X appraisal well revealed a total of 429 feet of net oil pay across two reservoirs, surpassing the 370 feet recorded in the original Hai Su Vang discovery well. The primary reservoir yielded 332 feet of net oil, while the shallower reservoir contributed 97 feet, highlighting the field’s extended production potential.
According to Murphy Oil, the HSV-2X well extended the proven oil column by 413 feet without encountering water, bringing the total hydrocarbon column height to approximately 1,600 feet. These results reinforce the reservoir’s continuity and the high quality of the hydrocarbon system in the Cuu Long Basin.
During flow testing, the primary reservoir achieved a production rate of approximately 6,000 barrels of oil per day. The oil produced is of high quality, with an API gravity of 37 degrees, consistent with the original discovery well. Murphy Oil continues to conduct additional evaluation and testing to finalize technical data for the next development phase.
Based on the new appraisal results, Murphy Oil has updated its recoverable resource estimates. The mid-range recoverable reserves for the primary reservoir now approach the upper end of the previous forecast, ranging from 170 to 430 million barrels of oil equivalent (MMBOE). Notably, the upper estimate exceeds 430 MMBOE, and the positive results from the shallower reservoir offer additional resource potential not previously accounted for.
“This is a pivotal moment for our operations in Vietnam,” stated Eric Hambly, President and CEO of Murphy Oil, in a press release. The success of the HSV-2X well not only solidifies the commercial viability of the Hai Su Vang field but also sets the stage for a comprehensive, long-term development program. Murphy Oil remains committed to collaborating closely with partners and the Vietnamese government to maximize the project’s potential.
Following the HSV-2X well, Murphy Oil plans to continue its appraisal campaign with two additional wells: HSV-3X in Block 15-1/05 and HSV-4X in Block 15-2/17. These wells aim to further delineate the field’s size, reservoir characteristics, and potential reserve growth. The company has reaffirmed its 2026 capital expenditure plan, targeting $1.1–1.3 billion.
In terms of project participation, Murphy Oil’s subsidiaries serve as the operator for both blocks, holding a 40% interest in each. Petrovietnam Exploration Production Corporation (PVEP) holds a 35% stake, while SK Earthon Co. owns the remaining 25%.
With a market capitalization of approximately $4.36 billion and profitable performance over the past 12 months, as reported by InvestingPro, Murphy Oil is poised to strengthen its position in Vietnam’s offshore oil and gas sector.
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