Murphy Oil Corporation has announced successful appraisal results from the Hai Su Vang-2X (HSV-2X) well at Block 15-2/17 in the Cuu Long Basin, located approximately 40 miles offshore Vietnam. The results confirm a larger hydrocarbon column and increased reservoir continuity, pushing resource estimates toward the high end of the previously disclosed 170–430 MMboe range, with a new upper bound exceeding 430 MMboe. Beyond the primary reservoir, the appraisal identified additional “resource upside” in shallower zones, providing significant room for expanded development scenarios as the project moves toward a final investment decision.
Murphy Oil’s current Vietnam portfolio emphasizes a dual-track strategy, balancing near-field assets in the Cuu Long Basin—where it operates Blocks 15-1/05 and 15-2/17 with a 40% interest—with long-term growth potential in the deepwater Phu Khanh Basin (Blocks 144 and 145). The company plans to maintain its appraisal momentum throughout 2026 with upcoming wells HSV-3X and HSV-4X. Backed by a global capital expenditure budget of $1.1 to $1.3 billion for 2026, Murphy continues to prioritize high-quality assets capable of driving medium-term growth.
The positive outcome at Hai Su Vang is expected to spark a new wave of demand across the Vietnamese offshore technical services sector. As the project transitions from appraisal to development, market activity is projected to surge in areas such as geophysical surveying, drilling and well completion, and large-scale EPCI (Engineering, Procurement, Construction, and Installation) for platforms and pipelines. For service providers, the ability to maintain rigorous HSE standards and demonstrate field-proven execution will be critical to securing contracts within this emerging offshore ecosystem for the 2026–2030 period.
