Recently, U.S.-based Murphy Oil announced the successful appraisal drilling of the Hai Su Vang – 2X (HSV-2X) well in Block 15-2/17 of the Cuu Long Basin, approximately 65 km off the coast of Vietnam.
Initial estimates released in January 2024 suggested a potential reserve of 170–430 million barrels of oil equivalent (MMBOE).
New estimates published on January 6th indicate that recoverable reserves exceed 430 million MMBOE, surpassing the upper limit of the previous estimate.
This oil and gas block is operated by Murphy Oil through a Production Sharing Contract (PSC) among Murphy Oil (USA), PVEP (Vietnam), and SK Earthon (South Korea). Within the PSC structure, PVEP holds 35%, SK Earthon holds 25%, and Murphy Oil holds 40% as the operator.
However, in October 2025, SK Earthon announced plans to sell its stakes in three of its four Vietnamese oil blocks, including Block 15-2/17, valued at approximately 200 billion won (140 million USD), to strengthen its financial position.
The Cuu Long Basin is one of Vietnam’s primary oil-producing regions, with over 20 years of successful exploration and production activities. Numerous international companies hold stakes in its oil and gas fields.
Notably, Russian companies are present through Zarubezhneft and Rosneft, alongside the joint venture Vietsovpetro.
Zarubezhneft holds significant stakes, often the largest, in blocks like 09-3 in the Cuu Long Basin (operated by VRJ). Here, Zarubezhneft owns 50%, PVEP holds 35%, and Idemitsu (Japan) holds 15%.
Zarubezhneft, a Russian state-owned oil company, operates in exploration and production across Russia and countries like Cuba, Uzbekistan, Indonesia, Egypt, and Bosnia and Herzegovina.
In Block 04-3 of the Nam Con Son Basin (Thien Ung gas field), Zarubezhneft holds 49%, with PVN holding the remaining 51%. The field’s estimated reserves exceed 5 billion cubic meters of gas.
Vietsovpetro, the largest Vietnam-Russia oil joint venture, is majority-owned by PVN (51%).
Block 09-3/12 (Source: PVEP)
Vietsovpetro holds a controlling 55% stake in Block 09-3/12 (Ca Tam oil field) in the Cuu Long Basin, with PVEP (30%) and Bitexco (15%) as partners.
In August 2024, the Ministry of Industry and Trade approved the adjusted 2023 development plan for the Ca Tam field, as per the Prime Minister’s 2021 decision.
The plan includes continued investment, construction, and development, with additional cost adjustments for approved activities. It involves bringing the CT-7X well into production, drilling two new wells, and implementing geological and technical solutions to enhance recovery efficiency.
Additional recoverable reserves from these wells are estimated at 259,900 cubic meters of oil and 38.8 million cubic meters of associated gas. Total recoverable reserves for the Ca Tam field until 2039 are projected at 4.158 million cubic meters of oil and 406.7 million cubic meters of gas.
Vietsovpetro also participates in Block 16-2 of the Cuu Long Basin alongside PVEP POC and Noex.
According to its website, Vietsovpetro has discovered nine commercially viable oil fields and numerous oil-bearing structures. In Block 09-1 of the Cuu Long Basin, it operates five fields: Bach Ho, Rong, Gau Trang, Tho Trang, and Nam Rong-Doi Moi. Notably, Bach Ho is Vietnam’s largest oil field.
Vietsovpetro has drilled over 450 exploration and production wells and constructed more than 60 offshore facilities, including 13 fixed production platforms, 37 wellhead platforms, 2 central processing platforms, 3 gas compression platforms, 2 water injection platforms, 3 floating storage and offloading vessels, and auxiliary facilities. These are interconnected via an 850-kilometer subsea pipeline network.
Rosneft, through Rosneft Vietnam B.V., holds a 35% stake in Block 06.1 (Lan Tay and Lan Do gas fields), making it the second-largest shareholder after India’s ONGC (45%) and ahead of PVN (20%).
Japan is another key investor, with major players like Japan Vietnam Petroleum holding 46.5% in Block 15-2/01, alongside Perenco (36%) and PVEP (17.5%).
In Blocks 05-1b and 05-1c of the Nam Con Son Basin (Sao Vang-Dai Nguyet field), Japanese investors dominate: Idemitsu Kosan (43.08%) and INPEX Corporation (36.92%), with PVN holding only 20%.
South Korea’s SK Group and KNOC are also prominent. In Block 15-1 of the Cuu Long Basin, KNOC holds 14.25% and SK Group holds 9%.
In Blocks 01/10, 02/10, 09-2/09, and 09-2/10 of the Cuu Long Basin, PVN, through PVEP POC, holds 100% interest in exploration activities.
PVN holds 50% in Blocks 01-02/1997 and 09-2 of the Cuu Long Basin.
Despite holding less than 50%, PVN remains the largest shareholder in Blocks 16-1, 15-1/05, 16-2, and 15-2/01 of the Cuu Long Basin.
In Blocks 01&02 of the Cuu Long Basin, PVEP collaborates with PCVL (Petronas Carigali Vietnam Ltd.), a subsidiary of Malaysia’s PETRONAS, holding a 15% stake.
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