Vietnam confirms high-potential offshore oil discovery off southern coast

Core Insights - The discovery of significant oil reserves in Block 15-2/17 of the Cuu Long Basin has been confirmed, with positive exploration and appraisal drilling results indicating potential for future development [1][2] Group 1: Discovery and Exploration - The first discovery well encountered approximately 370 feet (113 meters) of oil-bearing formations, with test production reaching around 6,000 barrels per day [2] - Follow-up appraisal drilling at the HSV-2X well confirmed a total oil-bearing thickness of 429 feet (131 meters), primarily within the deeper main reservoir [2][3] - Murphy Oil Corporation plans to continue appraisal work and will submit a detailed report on oil and gas resources and reserves to Vietnamese authorities for evaluation [3] Group 2: Operational and Stakeholder Information - The Hai Su Vang field is operated by Murphy Oil under a production sharing contract (PSC) with PVEP of Vietnam and SK Earthon of South Korea, with respective stakes of 35%, 25%, and 40% [5] - Murphy Oil operates several offshore oil and gas blocks in Vietnam's Cuu Long and Phu Khanh basins and is also investing in the Lac Da Vang field [5] Group 3: Industry Context - Vietnam ranks among the leading oil reserve holders in Southeast Asia and approximately 28th globally, with major oil and gas resources concentrated in the Cuu Long, Nam Con Son, and Song Hong basins [6] - The Ministry of Industry and Trade reported that Vietnam produced around 10 million tons of oil and approximately 6 billion cubic meters of gas last year [7]