In early January 2026, Murphy Oil, a U.S.-based company, announced the successful appraisal drilling of the Hai Su Vang-2X (HSV-2X) well in Block 15-2/17, located in the Cuu Long Basin, approximately 65 kilometers off the coast of Vietnam.
The latest data released in early January 2026 reveals that the estimated recoverable reserves have surpassed 430 million barrels of oil equivalent (MMBOE), significantly exceeding previous conservative forecasts.
On January 29th, Murphy Oil summarized its 2025 operations and outlook for 2026. Regarding capital expenditure for 2026, the company announced a total budget of $1.25 billion, with $195 million allocated to Vietnam, representing 16% of the total.
This includes $120 million for the development of the Lac Da Vang field and $75 million for the appraisal of the Hai Su Vang field.
Murphy Oil anticipates that its projects in Vietnam will achieve a net production rate of 30,000 to 50,000 barrels of oil equivalent per day (BOEPD) by the early 2030s.
Regarding current operations, Murphy Oil reported that the Lac Da Vang (Golden Camel) project has completed the installation of the jacket and is proceeding with development drilling, aiming for first oil in Q4 2026. The project has an estimated reserve of approximately 100 million barrels of oil equivalent (MMBOE).
At the Hai Su Vang field, Murphy Oil confirmed that this is the largest oil and gas discovery in Southeast Asia in the past two decades, following the appraisal of the HSV-2X well, which estimated recoverable reserves exceeding 430 million barrels of oil equivalent (MMBOE). The company plans to drill two additional appraisal wells (HSV-3X and HSV-4X) in the first half of 2026.
In October 2025, General Secretary To Lam met with Mr. Eric Hambly. The General Secretary affirmed that Vietnam will continue to create favorable conditions for foreign investment and business activities in the energy sector, including those from the United States. He urged Murphy Oil to closely collaborate with Vietnamese ministries, agencies, and partners to accelerate the implementation of oil and gas projects in Vietnam, facilitate technology transfer, and enhance high-quality workforce training, thereby contributing positively to Vietnam’s development and the Vietnam-U.S. relationship.
General Secretary To Lam emphasized that Vietnam values its relationship with the United States and hopes the Comprehensive Strategic Partnership between the two nations will continue to grow, with energy cooperation as a key focus, for the benefit of both countries’ businesses and people, as well as for regional and global peace, stability, and development.
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