Murphy Oil has delivered one of Southeast Asia’s most significant oil discoveries in decades, confirming more than 430 million barrels of oil equivalent (MMBOE) at its Hai Su Vang (HSV) appraisal well offshore Vietnam, according to the Journal of Petroleum Technology. The find could be the largest oil discovery in ASEAN since the early 2000s.
The HSV-2X appraisal well, drilled about 40 miles offshore near Ho Chi Minh City in Vietnam’s Cuu Long Basin, encountered 429 feet of net oil pay across two reservoirs, exceeding results from the 2025 discovery well. Production tests flowed 6,000 barrels per day of sweet 37° API crude, confirming strong reservoir performance.
Murphy reported on January 6, 2026 that HSV-2X, located in Block 15-2/17, validated a 1,600-foot hydrocarbon column with upside from shallow zones not included in prior 170–430 MMBOE estimates. The well was drilled in 149 feet of water and intersected 332 feet of net pay in the primary reservoir and 97 feet in the shallow reservoir. The 2025 discovery well had encountered 370 feet of net oil pay.
Murphy President and CEO Eric Hambly said the results mark a “pivotal moment” for the company’s Vietnam operations, reinforcing commerciality and enabling a full-field development program.
Vietnam began offshore oil production in 1986 at the Bach Ho (White Tiger) field through Vietsovpetro, with early platforms such as BK-24 playing a key role. However, national output has fallen from 365,000 bpd in 2005 to under 120,000 bpd in 2025, turning Vietnam into a net oil importer since 2017.
Hai Su Vang is planned as a standalone FPSO development, with two additional wells scheduled for 2026, and could support Vietnam’s goal of achieving industrialised status by 2045. Murphy operates the project with a 40% stake, alongside PetroVietnam (35%) and SK Earthon (25%), targeting first oil after Lac Da Vang comes online.
In a gas-dominated region, HSV ranks as the third-largest ASEAN oil discovery since 2000, highlighting renewed potential in mature basins as technology and fiscal terms improve.