Murphy Oil has announced a major oil discovery with its Hai Su Vang-1X well in Vietnam's Cuu Long Basin. This breakthrough underscores the region's potential and marks a key milestone in Murphy's exploration efforts in Southeast Asia.
Details of the Discovery
Location: Cuu Long Basin, Offshore Vietnam
Well Name: Hai Su Vang-1X
Discovery: Encountered 370 feet of net oil pay across two reservoirs
Estimated Resources: 170 million to 430 million barrels of oil equivalent
Murphy Oil’s success with Hai Su Vang-1X positions it strongly in the region, aligning with its strategic goals for growth and resource development in Vietnam.
Next Steps
The company plans to proceed with appraisal drilling to better understand the discovery’s full potential. This will enable more accurate resource estimation and inform future development plans for the basin. Additionally, Murphy is gearing up for further exploration in the area, capitalizing on the success of this discovery.
Implications for the Energy Sector
This discovery highlights the growing importance of the Cuu Long Basin as a hotspot for oil exploration. It also emphasizes Southeast Asia’s role in contributing to global energy supply amidst evolving industry dynamics.
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