Major Oil Discovery in Vietnam Positions Country for Energy Independence

HANOI,Vietnam – A notable oil discovery in the cuu Long Basin offshore Vietnam by Murphy Oil Corporation has the potential to reshape the nation’s energy landscape and perhaps become the largest oil discovery in the ASEAN region in two decades. The find could reverse vietnam’s shift from being a crude oil exporter to an importer, bolstering its ambitions to achieve industrial country status by 2045.

Discovery Details and Estimates

Murphy Oil announced the discovery on january 7, 2026, stemming from exploration at the Hai Su Vang-1X well in Block 15-2/17 [1]. The well, spud in late September 2024, is located in a water depth of 45 meters and is on trend with the existing Lac Da Vang oil field.

Initial estimates suggest recoverable reserves of between 170 to 430 million barrels of oil equivalent (MMBOE).However, recent assessments indicate the potential exceeds 430 MMBOE, with additional resources identified in shallow reservoirs not previously included in estimates [2]. Murphy Oil confirmed these promising results following drilling of the Hai Su Vang-2X (HSV-2X) appraisal well [3].

Vietnam’s Evolving Energy Profile

This discovery is especially significant given Vietnam’s changing energy dynamics. Sence 2017, the country has transitioned from a net exporter of crude oil to a net importer, coinciding with increased industrialization and growing refinery capacity. In 2005, Vietnam produced approximately 365,000 barrels of oil per day, a figure that has declined to less than 120,000 barrels per day by 2025.

Regional Context and Future Outlook

the Hai Su Vang discovery represents a major positive growth for Southeast Asia, a region that hasn’t seen a significant oil find in over two decades. The last major discoveries in the region were the Banyu Urip field in indonesia (2001) and gumusut in Malaysia (2003).

The prosperous exploration and potential development of these reserves could considerably contribute to Vietnam’s energy security and economic growth, supporting its long-term industrialization goals. Further appraisal and development plans are expected to be announced by Murphy Oil in the coming months.

Key Takeaways

• A major oil discovery has been made in the Cuu Long Basin, offshore Vietnam, by Murphy Oil.
• Recoverable reserves are estimated between 170-430+ million barrels of oil equivalent (MMBOE).
• The discovery could reverse Vietnam’s trend of increasing oil imports and support its industrialization goals.
• This is the largest potential oil discovery in the ASEAN region in the last 20 years.