Success Offshore Vietnam
Murphy Oil has been in the
news twice this month, once for a hit and once for a miss. First, the good
news. Murphy announced an oil discovery offshore Vietnam
after drilling an appraisal well in Block 15-2/17 in the Cuu Long Basin,
which encountered 429 ft of net oil pay across the same two reservoirs as the
2025 discovery, which was drilled in 149-ft water depth and found 370 ft of net
oil pay. The appraisal well confirms a discovery of up to 430+ million barrels
of oil equivalent (MMBOE). It could be the biggest oil discovery in the region
since the early 2000s. The location of the well is about 40 miles offshore near
Ho Chi Minh City. The well encountered two oil reservoirs and tested at 6,000
barrels/day of sweet 37° API crude during tests. There were also hydrocarbons
encountered above the two producing zones, which were not counted in the
reserves estimates.
The discovery is good news
for Vietnam since oil production had been declining for years, and the country
went from being an oil exporter to an oil importer.
“…output cratered from 365,000 bpd (2005) to under
120,000 bpd (2025) amid industrialisation and refinery booms, flipping it from
exporter to importer since 2017.”
“Murphy (40% operator) partners with PetroVietnam (35%)
and SK Earthon (25%), eyeing first oil soon after Lac Da Vang ramps up.”
Murphy
plans to drill two more wells in the field in 2026.
Below, Gulf News provides a
nice, concise history/timeline of major oil & gas discoveries in the
greater Southeast Asian regions.
“In a predominantly gas-prone region, oil discoveries of
this scale are exceptional,” said Angus Rodger, head of Asia-Pacific upstream
analysis at Wood Mackenzie. He noted that HSV is the third-largest oil
discovery in Southeast Asia since 2000, trailing only Indonesia’s Banyu Urip
and Malaysia’s Gumusut fields.
The discovery is a big deal
for Vietnam and can lead to further discoveries.
Failure Offshore Ivory Coast
On January 19, 2026, Murphy
announced that its Civette Exploration Well in Côte d’Ivoire (Ivory Coast)
failed to find commercial hydrocarbons. This well was drilled to a depth of
13,950 feet (4,252 meters). The well did encounter some hydrocarbons, however,
and plans to test two other “independent plays” in the region.
“A key outcome at Civette is that we confirmed the
presence of hydrocarbons in this frontier play – a meaningful success in
early-stage exploration. While Civette did not meet commercial thresholds, the
well provided insights that strengthen our subsurface understanding for the
potential of the basin and inform the remaining prospectivity on the CI-502
Block,” said Eric Hambly, President and Chief Executive Officer.
“Murphy holds a 90 percent working interest in Block
CI-502 and serves as operator. PETROCI (Ivory Coast state-owned company) holds
the remaining 10 percent.”
This is the first of three
exploratory wells to be drilled in this block. Unfortunately, Murphy’s stock
dropped by 10% after the failed well was announced. Murphy is exploring
offshore Vietnam, offshore Ivory Coast, in the U.S. Gulf, and drilling onshore
development wells in the Eagle Ford Shale in South Texas.
References:
Oil
bombshell in Vietnam: US giant Murphy finds ASEAN's biggest strike in 20 years;
Up to 430 million barrels of oil found by floating oil platform off Ho Chi Minh
City. Jay Hilotin. Gulf News. January 10, 2026. Oil
bombshell in Vietnam: US giant Murphy finds ASEAN's biggest strike in 20 years
Murphy
Oil plunges after exploration well off Ivory Coast disappoints. Seeking Alpha.
January 20, 2026. Murphy
Oil plunges after exploration well off Ivory Coast disappoints
Murphy
Oil Makes Southeast Asia’s Largest Oil Discovery in 20 Years. Charles Kennedy.
Oilprice.com. January 12, 2026. Murphy
Oil Makes Southeast Asia’s Largest Oil Discovery in 20 Years | OilPrice.com
Goldman
Sachs Energy, Clean Tech & Utilities Conference 2026 January 7th, 2026.
Investor Presentation. Murphy Oil Corporation. Microsoft
PowerPoint - Murphy Oil Corp Goldman Presentation 1.7.2026 vFinal
Murphy
Oil Corporation Announces Results of Civette Exploration Well in Côte d’Ivoire.
Murphy Oil Corporation. January 19, 2026. Murphy
Oil Corporation Announces Results of Civette Exploration Well in Côte d’Ivoire
- Murphy Oil Corporation
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