Southeast Asia’s Largest ‘Black Gold’ Reserve in Two Decades Discovered in Vietnam: What Does the Ministry of Industry and Trade Say?

Mr. Dang Hai Anh revealed that Murphy Oil, a U.S.-based company, is actively engaged in oil and gas exploration activities at blocks 144-145 and 15-1,15-2. Recent efforts have yielded promising results in exploration and drilling.

Regarding the oil reserves discovered at block 15-2, specifically the Su Tu Vang (Golden Lion) field in the Cuu Long Basin, a subsidiary of Murphy Oil currently serves as the operator.

In 2024, Murphy Oil initiated drilling operations at the Hai Su Vang (Golden Sea Lion) field, with plans to complete an appraisal well in 2025 to assess the field’s scale, reserves, and production potential. Initial findings suggest Hai Su Vang holds significant promise.

Under current regulations, investors are obligated to conduct further appraisal and submit resource and reserve reports to relevant authorities for approval.

According to Murphy Oil’s January 6, 2026 report, the Hai Su Vang-2X appraisal well was successfully completed, encountering a net oil column of approximately 429 feet (131 meters) across two reservoirs, with test rates exceeding 6,000 barrels per day—surpassing the initial discovery well. While Murphy Oil estimates recoverable reserves to be medium to high, the Ministry of Industry and Trade emphasizes that final conclusions await official appraisal.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan hailed these results as highly positive for the energy sector. Moving forward, the ministry will collaborate with stakeholders to conduct detailed assessments.

Hai Su Vang: Southeast Asia’s Largest Oil Discovery in Two Decades

Beginning in Q4 2024, Murphy Oil commenced drilling the Hai Su Vang-1X exploration well, discovering approximately 370 feet (112 meters) of oil in two reservoirs by January 2025. Subsequently, the company successfully drilled the Hai Su Vang-2X appraisal well at Block 15-2/17 in the Cuu Long Basin, located 64 kilometers offshore Vietnam.

Results from the Hai Su Vang-2X well indicate a total oil-bearing interval of 131 meters in the primary deep reservoir, yielding high-quality 37° API oil at rates of approximately 6,000 barrels per day. Estimated reserves range between 170-430 million barrels, with potential to exceed 430 million barrels.

Wood Mackenzie, a leading energy and natural resources consultancy based in the UK, ranks Hai Su Vang as the third-largest oil discovery in Southeast Asia since 2000 and the largest in two decades. This discovery is expected to reverse Vietnam’s long-term oil production decline, which fell from 365,000 barrels per day in 2005 to below 120,000 barrels per day by 2025.

In Vietnam, Murphy Oil operates several blocks in the Cuu Long and Phu Khanh basins. The company is also investing in the Lac Da Vang (Golden Camel) field, targeting first oil production in Q4 2026. In 2025, Murphy Oil made additional discoveries at the Hai Su Vang-1X (Block 15-2/17) and Lac Da Hong-1X (Block 15-1/05) wells.

To date, Murphy Oil has invested approximately $300 million in exploration activities in Vietnam and operates multiple blocks in the Cuu Long and Phu Khanh basins. The company is partnering with PetroVietnam Exploration and Production Corporation (PVEP) to develop the Lac Da Vang project, with a total investment of $700 million.