Murphy Oil announced on 7th January that the Hai Su Vang-1X offshore exploration well, in block 15-2/17, Cuu Long Basin, has discovered oil. The well was spud in late September 2024 in a water depth of 45 m and is on trend with the Lac Da Vang oil field to the northeast, which is expected to start production via a floating storage and offtake vessel in Q4 2026.
The well, which was drilled 500 m shallower than the prognosed total depth around 4,500 m, encountered approximately 113 m of net oil pay from two reservoirs, presumably Oligocene in age. During testing, Murphy achieved a facility-constrained flow rate of 10,000 bopd with a high-quality, 37-degree API oil with a gas-oil ratio of approximately 1,100 scf/bbl. Reserves are in line with the estimated pre-drill mean to upward gross resource potential of between 170 and 430 mmboe. Additional evaluation is ongoing and future appraisal drilling is planned to be carried out, with future development of the Hai Su Vang field possible.
The well is the first of a two-well exploration campaign. The Lac Da Hong-1 well, approximately 10km northeast in block 15-1/05, will be drilled next in Q1 2025. This well has mean to upward gross resource potential of between 65 and 130 mmboe.
Murphy operates blocks 15-2/17 and 15-1/05 with a 40 % interest with its partners PetroVietnam holding 35 % and SK Earthon with 25 %. Murphy drilled a discovery in 2019 on Block 15-1/05 with the Lac Da Trang-1X exploration well, now part of the Lac Da Vang development. Murphy also holds a 65 % operated interest with PetroVietnam (35 %) in deepwater blocks 144 and 145 to the northwest in Vietnam.