Vietnam confirms high-potential offshore oil discovery off southern coast

Vietnam has identified a high-potential offshore oil discovery at the Hai Su Vang field, about 65 kilometers off its southern coast, a move that could strengthen domestic energy supply and offshore exploration efforts.

Speaking at a press briefing by the Ministry of Industry and Trade on Jan. 29, Dang Hai Anh, deputy head of the Department of Oil, Gas and Coal, said the discovery was located in Block 15-2/17 of the Cuu Long Basin. Recent exploration and appraisal drilling results at the field had been « very positive, » with oil reserves showing significant potential for future development, he added.

According to Murphy Oil Corporation of the U.S., the operator of the project, the first discovery well encountered about 370 feet (113 meters) of oil-bearing formations across two reservoirs, with test production of around 6,000 barrels per day. Follow-up appraisal drilling at the HSV-2X well confirmed a thicker oil column, recording a total oil-bearing thickness of 429 feet (131 meters), most of it within the deeper main reservoir.

Murphy Oil said it will continue appraisal work and prepare a detailed report on oil and gas resources and reserves for submission to Vietnam’s authorities for review and evaluation.

The company began drilling exploration wells at the Hai Su Vang field in 2024 and successfully completed an appraisal well in October 2025 to assess the field’s size, reserves and production potential.

Hai Anh said the Ministry of Industry and Trade would continue coordinating with Vietnam National Industry – Energy Group (Petrovietnam, PVN) and other relevant agencies to review the results and conduct an objective assessment of the discovery.

The Hai Su Vang field lies within Block 15-2/17 in the Cuu Long Basin and is operated by Murphy Oil under a production sharing contract (PSC) involving PVEP of Vietnam and SK Earthon of South Korea. Under the PSC, PVEP holds a 35% stake, SK Earthon 25% and Murphy Oil 40%, with Murphy serving as the operator.

Murphy Oil currently 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.

According to Petrovietnam, Vietnam ranks among the leading oil reserve holders in Southeast Asia and around 28th globally, depending on the dataset and year. The country’s oil and gas resources are mainly concentrated in the Cuu Long, Nam Con Son and Song Hong basins, with several major fields under development, including Ca Voi Xanh, Su Tu Den, Su Tu Vang, Su Tu Trang and Su Tu Nau.

The Ministry of Industry and Trade said Vietnam produced around 10 million tons of oil and approximately 6 billion cubic meters of gas last year.

By Phuong Dung – VnExpress.net – January 29, 2026