Murphy Oil Corporation has announced a significant oil discovery at its Hai Su Vang-1X exploration well offshore Vietnam. Specifically, the well, located in the Cuu Long Basin, encountered 370 feet of net oil pay. This substantial find enhances Murphy’s exploration portfolio and sets the stage for future development in the region.
Appraisal and Development Plans
Currently, Murphy is evaluating the discovery and plans further appraisal drilling to determine the full extent of the Hai Su Vang field. Ultimately, this discovery could lead to a major new oil field development in the Cuu Long Basin, bolstering Murphy’s presence in Vietnam.
Collaboration and Strategic Interests
Murphy Oil operates Block 15-2/17 through its subsidiary, Murphy Cuu Long Tay Oil Co., Ltd., holding a 40% working interest. Additionally, PetroVietnam Exploration Production Corporation holds 35%, and SK Earthon Co., Ltd. holds 25%. This partnership will drive the development of the Hai Su Vang field.
Positive Outlook for Future Exploration
Eric M. Hambly, Murphy Oil’s CEO, expressed confidence in the discovery and its potential to enhance the company’s Vietnam operations. Furthermore, he highlighted the promising outlook for continued exploration in the region.
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