Murphy Oil Announces Oil Discovery at Hai Su Vang-1X, Offshore Vietnam
Murphy Oil Corporation, a leading independent oil and natural gas exploration and production company, recently made a significant announcement regarding a new oil discovery in the Cuu Long Basin, offshore Vietnam. The company revealed that its subsidiary has successfully drilled an oil discovery at the Hai Su Vang-1X exploration well, located 40 miles off the coast of Vietnam in Block 15-2/17. This discovery marks a pivotal moment for Murphy Oil, reinforcing its position in the Vietnam oil and gas sector.
Location and Depth of the Discovery
The Hai Su Vang-1X well was drilled to a total depth of 13,124 feet in 149 feet of water. During the drilling process, the well encountered approximately 370 feet of net oil pay from two distinct reservoirs, demonstrating the potential of this new find. This discovery represents not only a significant exploration success but also an encouraging prospect for future oil production in the region.
Murphy Oil has long been focused on maximizing its operations in the Southeast Asia region, and the Hai Su Vang-1X discovery aligns with its strategy of identifying and capitalizing on high-potential exploration targets. The company has confirmed that additional evaluations are underway, and future appraisal drilling will be conducted to fully assess the commercial viability of the find.
Future Prospects and Appraisal Plans
As part of its strategy to expand and develop its assets in Vietnam, Murphy Oil is already planning further evaluation efforts. These will be followed by additional appraisal drilling activities designed to refine the understanding of the oil discovery’s size, reservoir quality, and economic potential. Given the significant amount of oil pay discovered in the two reservoirs, Murphy Oil is optimistic that Hai Su Vang could evolve into a key asset in its portfolio.
The Hai Su Vang field is just one of several exploration prospects that Murphy Oil has identified in the Cuu Long Basin. Over the past several years, Murphy has been keenly focused on exploring untapped areas in Vietnam, and this latest discovery exemplifies its commitment to the region’s potential for growth. The results from the Hai Su Vang-1X well will play an important role in shaping the future of the company’s operations in Vietnam.
Partnerships and Ownership Structure
Murphy Oil’s subsidiary, Murphy Cuu Long Tay Oil Co., Ltd., serves as the operator for the Block 15-2/17, with a 40 percent working interest in the project. The remaining shares in the block are held by PetroVietnam Exploration Production Corporation Ltd., which holds a 35 percent working interest, and SK Earthon Co., Ltd., which controls the remaining 25 percent. This strong collaboration among partners is key to the success of the exploration project, and each partner plays a crucial role in ensuring the continued growth of the venture.
Leadership Insight and Strategic Vision
In response to the discovery, Eric M. Hambly, President and Chief Executive Officer of Murphy Oil, expressed his satisfaction with the success of the Hai Su Vang-1X exploration well. He emphasized the significance of this discovery, stating, “I am pleased with the success of the Hai Su Vang-1X exploration well. This discovery adds further upside to our current Vietnam business. We look forward to working with our partners as we continue evaluating the results.”
Hambly’s statement reflects the company’s strategic vision of expanding its operations in regions with promising resource opportunities. Murphy Oil has long been committed to providing energy solutions that empower people and communities, and its operations in Vietnam are a testament to the company’s growth ambitions and focus on sustainable energy practices.
Murphy Oil’s approach to exploration and production combines technological innovation with a strong commitment to financial discipline. The company remains focused on tapping into high-potential resource plays while minimizing operational risks. Through its exploration efforts in Vietnam, Murphy Oil is continuing to build on its strong legacy of excellence in the oil and gas industry, and the discovery at Hai Su Vang represents another step toward securing the company’s future as a leading independent energy provider.
The Importance of Murphy Oil’s Role in Vietnam
Murphy Oil has operated in Vietnam for a significant amount of time, contributing to the country’s energy sector by engaging in a range of exploration and production activities. The discovery at Hai Su Vang adds to the company’s already established presence and reaffirms its ongoing commitment to the region’s energy development.
With the global energy landscape constantly evolving, Murphy Oil’s focus on long-term growth is vital. The company has consistently prioritized prudent financial management and sustainability, which allows it to navigate the challenges of the industry effectively. The Hai Su Vang-1X discovery exemplifies the company’s dedication to expanding its portfolio of assets in promising regions, offering both strategic growth and potential for future returns.
A Future-Oriented Energy Company
As an independent oil and gas exploration company, Murphy Oil’s mission goes beyond resource extraction. The company is driven by a vision of providing energy that empowers people while adhering to its core principles of integrity, innovation, and sustainability. By focusing on long-term value creation and responsible resource management, Murphy Oil aims to build a future where it remains an industry leader.
The company’s approach to operations emphasizes environmental stewardship, technological innovation, and community engagement. Murphy Oil understands that the global energy market is rapidly changing, with an increasing emphasis on clean and sustainable energy sources. In this context, the company is taking proactive steps to position itself as an influential player in the transition to a more diversified and sustainable energy future.
Murphy Oil’s leadership in the oil and gas industry reflects a commitment to addressing the world’s energy challenges. By staying ahead of emerging trends, the company is continuously looking for opportunities to innovate and shape the future of energy production. The Hai Su Vang discovery is just one example of how Murphy is leveraging its expertise to create long-term value for shareholders, customers, and communities around the world.
In partnership with PetroVietnam Exploration Production Corporation Ltd. and SK Earthon Co., Ltd., Murphy Oil is confident that the Hai Su Vang discovery will lead to a robust development project that contributes to the continued success of its Vietnam business. The company’s exploration efforts in the Cuu Long Basin are just beginning, and the future looks bright for Murphy Oil as it expands its presence in one of the world’s most dynamic and promising energy regions.
With a steadfast commitment to innovation, sustainability, and responsible resource management, Murphy Oil is well-positioned to navigate the future of the energy industry. The Hai Su Vang discovery is a testament to the company’s ability to identify and capitalize on valuable resources, setting the stage for continued success in the years ahead.
