Murphy Oil's Hai Su Vang oil discovery offshore Vietnam is progressing through appraisal, with a potential final investment decision (FID) by the end of 2027 and first oil production targeted for 2031.

Appraisal and Development Timeline

The appraisal program for the field is ongoing, with two wells, HSV-3X and HSV-4X, scheduled for completion by mid-year. These wells are designed to test both primary and secondary reservoirs and to determine the field's lateral extent. Following appraisal, Murphy will work with Vietnamese regulators on a formal development plan, a process expected to take about a year and lead to FID. The estimated execution timeline post-FID is three to four years, making a 2031 first oil target reasonable, with a possibility for the second half of 2030 if progress accelerates.

Resource Estimates and Production Forecasts

Initial recoverable resource estimates for the primary reservoir, previously between 170 million and 430 million barrels of oil equivalent, are being revised upward following the success of the HSV-2X appraisal well. Hai Su Vang is planned as a standalone project. Should first oil be achieved in 2031, peak production is anticipated around 2033. Combined with the ongoing Lac Da Vang development, these projects are projected to yield 30,000 to 50,000 net barrels of oil per day for Murphy in the early 2030s.

Future Exploration

Murphy Oil is also planning an exploration well in 2026 on the nearby Lac Da Trang prospect, which is a potential future tie-in to the Lac Da Vang development.