Significant Oil Discovery at Hai Su Vang-1X Well

Murphy Oil Corporation has successfully drilled the Hai Su Vang-1X exploration well in the Cuu Long Basin, situated offshore Vietnam. Located 40 miles offshore, the well reached a depth of 13,124 feet in 149 feet of water and encountered an impressive 370 feet of net oil pay across two reservoirs. This discovery further strengthens Murphy’s exploration portfolio and opens up future development opportunities in the region.

Ongoing Evaluation and Appraisal Plans

The discovery is still being evaluated, and Murphy plans to conduct additional appraisal drilling in the near future to assess the full potential of the Hai Su Vang field. The results from Hai Su Vang-1X may pave the way for the development of a significant new oil field in the Cuu Long Basin, contributing to Murphy’s growing presence in Vietnam’s offshore oil sector.

Strategic Partnership in Block 15-2/17

Murphy Oil’s subsidiary, Murphy Cuu Long Tay Oil Co., Ltd., is the operator of Block 15-2/17 and holds a 40% working interest. The remaining stake is shared between PetroVietnam Exploration Production Corporation (35%) and SK Earthon Co., Ltd. (25%). The partnership is set to benefit from the discovery and future development of the Hai Su Vang field.

CEO’s Confidence in Vietnam Operations

Eric M. Hambly, President and CEO of Murphy Oil, expressed optimism about the successful discovery, highlighting its value to the company’s existing Vietnam operations. He emphasized the positive outlook for further exploration in the region as they continue to evaluate and advance the discovery’s potential.