Murphy Oil Corporation has announced a major offshore oil discovery in Việt Nam after its subsidiary successfully drilled the Hải Sư Vàng-2X (HSV-2X) appraisal well, a find analyst say could be the largest in Southeast Asia in the past 20 years. The well is located in Block 15-2/17 of the Cửu Long Basin, roughly 40 miles offshore, reinforcing the basin’s long-term significance despite its mature status.

Industry consultancy Wood Mackenzie said the successful appraisal positions Murphy’s Hải Sư Vàng discovery among the most significant regional oil finds since 2000. The HSV-2X well encountered 429 feet of oil across two reservoirs and tested production rates of about 6,000 barrels per day of 37° API oil. Based on the latest results, Murphy has revised recoverable reserves estimates toward the upper end of its previously stated range of 170–430 million barrels of oil equivalent, with shallower reservoir sections offering additional upside.

In a region traditionally dominated by gas discoveries, the scale of Hải Sư Vàng stands out. Wood Mackenzie noted that HSV ranks as the third-largest oil discovery in Southeast Asia since 2000, behind only Indonesia’s Banyu Urip and Malaysia’s Gumusut fields. Murphy itself has now been involved in three of the five largest oil finds in the region over the past two decades, underscoring its growing upstream footprint in Southeast Asia.

“This is a pivotal moment for our Việt Nam business,” Murphy Oil President and Chief Executive Officer Eric Hambly said, adding that the HSV-2X success confirms the commercial viability of the Hải Sư Vàng field and lays the foundation for a robust development programme in cooperation with Vietnamese partners and authorities.

According to Asia News Report, the discovery could play a strategic role in reversing Việt Nam’s long-term decline in oil production, which has fallen from about 365,000 barrels per day in 2005 to below 120,000 barrels per day in 2025, while also strengthening investor confidence ahead of the country’s ongoing offshore licensing round.

Murphy plans to continue its appraisal campaign with additional wells, including HSV-3X in Block 15-1/05 and HSV-4X in Block 15-2/17, both included in its capital programme. The company reaffirmed its capital expenditure guidance of US$1.1–1.3 billion for 2026. Murphy subsidiaries hold a 40 per cent working interest in each block, alongside PetroVietnam Exploration Production Corporation with 35 per cent and SK Earthon Co., Ltd. with 25 per cent.

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