Murphy Oil confirms large-scale discovery off Vietnam

Vietnam

HO CHI MINH CITY, January 8, 2026 – Murphy Oil has raised its estimate for recoverable resources at the Hai Su Vang discovery offshore Vietnam to over 430 million boe, the company said on Monday.

The revised estimate positions the discovery among Southeast Asia’s largest in decades and marks a milestone for Vietnam, where the biggest offshore oil finds were largely made in earlier phases of exploration in the Cuu Long Basin, led by the giant Bạch Hổ (White Tiger) field. In a mature producing province where recent exploration has more often delivered incremental volumes, Murphy’s updated recoverable-resource estimate – which now exceeds the previous high-end projection – underscores the continued prospectivity of Vietnam’s offshore basins and could prove to be one of the country’s most consequential new oil finds in years.

The increase follows appraisal results from the HSV-2X well, which encountered 429 feet of net oil pay and extended the proven oil column by 413 feet without encountering water. The well produced 6,000 bopd of 37-degree API crude during flow testing. The updated range of recoverable resources for the primary reservoir now exceeds the previous high-end estimate of 430 million boe, with further upside from a secondary reservoir.

“This is a pivotal moment for our Vietnam business,” Murphy Oil CEO Eric Hambly said. “The success of HSV-2X not only reinforces the commerciality of the Hai Su Vang field but also sets the stage for a robust development programme.”

Murphy will continue its appraisal programme with two additional wells in 2026 and has reaffirmed its capital expenditure guidance of USD 1.1 billion–1.3 billion. The company operates the blocks with a 40% stake, alongside PetroVietnam Exploration Production (35%) and SK Earthon (25%).

Murphy Oil is an independent oil and gas company with operations across the US, Canada and select international offshore basins. In Vietnam, it focuses on offshore exploration and development in the Cuu Long Basin.