Murphy Oil Appraisal Well Boosts Resource Outlook at Field off Vietnam

Murphy Oil Corporation has drilled an appraisal well at the Hai Su Vang oil field offshore Vietnam, confirming a larger hydrocarbon column and strengthening the field’s recoverable resource potential.

The Hai Su Vang-2X appraisal well was drilled in Block 15-2/17 in the Cuu Long Basin, about 40 miles offshore Vietnam, following the 2025 discovery at the field. The well was spudded in early October and encountered 429 feet of net oil pay across two reservoirs, compared with about 370 feet encountered in the discovery well.

Murphy said the appraisal well identified 332 feet of net oil pay in the deeper primary reservoir and 97 feet in the shallower reservoir. In the primary reservoir, the well deepened the proven oil-down-to by 413 feet without encountering water, extending the total hydrocarbon column to roughly 1,600 feet.

Flow testing of the appraisal well delivered a production rate of 6,000 barrels of oil per day from the primary reservoir, producing 37-degree API oil consistent with the discovery well, Murphy said. Further testing is ongoing.

The company said the results support reservoir continuity between the appraisal and discovery wells and confirm Hai Su Vang as a significant discovery.

Murphy updated the midpoint of recoverable resources for the primary reservoir toward the high end of its previously stated range of 170 million to 430 million barrels of oil equivalent, with the upper end of the new range now exceeding 430 million barrels of oil equivalent. The shallow reservoir also provides additional recoverable resource upside not previously included.

“This is a pivotal moment for our Vietnam business. 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 program. We are proud of our team’s execution and remain committed to working closely with our partners and the Vietnamese Government to unlock the full potential of this asset,” said Eric Hambly, President and Chief Executive Officer.

Murphy said it will continue its appraisal program with two additional wells, HSV-3X in Block 15-1/05 and HSV-4X in Block 15-2/17, both included in its capital program. The company reaffirmed its 2026 capital expenditure guidance of $1.1 billion to $1.3 billion.

Murphy subsidiaries operate both blocks, holding a 40% working interest in each. PetroVietnam Exploration Production Corporation holds 35%, while SK Earthon holds the remaining 25%.

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