With some of Vietnam’s older fields entering the decommissioning stage, reflecting the maturity of south-east Asia’s offshore oil and gas sector, the industry is still capable of throwing up a surprise or two.
In a move that should stir longer-term demand for oil well services of all kinds, Vietnam has just unearthed its largest discovery in a generation.
For US independent Murphy Oil Corporation, 2026 truly began with a bang with the drilling of the Hai Su Vang-2X (HSV-2X) appraisal well in Block 15-2/17 in the Cuu Long Basin, yielding what is thought to be the biggest find across the region in 20 years.
Located approximately 40 miles off the coast of Vietnam, the well spud in early October 2025 and marks a major milestone in Murphy’s strategic appraisal campaign for the Hai Su Vang (Golden Sea Lion) field.
The HSV-2X well was drilled to appraise the 2025 Hai Su Vang discovery, where an initial discovery well encountered approximately 370 feet of net oil pay across two reservoirs.
The HSV-2X well encountered 429 feet of net oil pay across the same two reservoirs, including 332 feet of net oil pay in the deeper primary reservoir and 97 feet of net oil pay in the shallow reservoir.
While further testing is ongoing, the primary reservoir achieved a production rate of 6,000 barrels of oil per day (bopd) of high-quality, 37-degree API oil.
These results confirm Hai Su Vang as a “significant discovery,” a Murphy Oil statement noted, pushing up resource estimates at the site beyond the initial 430 MMBOE high-end range.
“This is a pivotal moment for our Vietnam business,” said Eric Hambly, Murphy Oil’s President and CEO.
“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.”
Additional appraisal wells are needed to further refine the range of recoverable resources for both reservoirs — the HSV-3X appraisal in Block 15-1/05, and the HSV-4X well in Block 15-2/17 are both included in the group’s 2026 capital programme.
It also bodes well for the Cuu Long Basin going forward and the scope for oil well services in the region.
Now considered a mature basin, work on decommissioning, dismantling and relocation of Vietnam’s Song Doc Platform is already underway.
It means news from the Murphy Oil camp at the start of 2026 will be welcomed by the whole services industry.
