Vietnam confirms high-potential offshore oil discovery off southern coast

Vietnam’s energy landscape has reached a pivotal turning point with the identification of a high-potential oil discovery at the Hai Su Vang (Golden Sea Lion) field. Located approximately 65 kilometers off the southern coast in Block 15-2/17 of the Cuu Long Basin, the find was formally highlighted during a Ministry of Industry and Trade briefing on January 29, 2026. This discovery is being viewed as a critical asset for stabilizing domestic energy supplies and reinvigorating the country’s offshore exploration efforts.

The success of the project is largely attributed to the strategic appraisal campaign led by the Murphy Oil Corporation. Initial exploration in 2024 identified significant oil-bearing formations, but it was the completion of the HSV-2X appraisal well in late 2025 that confirmed the field's massive scale. The latest data indicates an oil-bearing column reaching a thickness of 131 meters (429 feet), a substantial increase over earlier estimates, with the majority of the resources concentrated in a deep primary reservoir.

From a production standpoint, the field has shown exceptional promise. Test flows have recorded an output of approximately 6,000 barrels per day of high-quality, light crude oil. Based on these "very positive" results, Murphy Oil and its partners—PVEP of Vietnam and SK Earthon of South Korea—have revised their recoverable resource estimates. The current midpoint for the primary reservoir now sits at the high end of the 170–430 million barrels of oil equivalent (mmboe) range, with some projections suggesting the total could eventually exceed the 430 mmboe mark.

The discovery arrives at a crucial time for Vietnam’s petroleum industry. Last year, the country produced approximately 10 million tons of oil and 6 billion cubic meters of gas, yet it continues to face the challenge of declining output from mature fields. The Hai Su Vang discovery offers a rare opportunity to reverse this trend. Consequently, the Ministry of Industry and Trade is coordinating closely with Petrovietnam (PVN) to conduct a thorough and objective evaluation of the reserves before transitioning into the formal development phase.

Looking ahead, the partnership is preparing a rigorous schedule for 2026. Murphy Oil has reaffirmed its capital expenditure guidance of $1.1–$1.3 billion for the year, part of which will fund two additional appraisal wells, HSV-3X and HSV-4X. These wells are intended to further delineate the boundaries of the field and confirm the commercial viability of the shallower reservoirs. If these assessments hold true, the Hai Su Vang field could represent the largest oil discovery in Southeast Asia in the last two decades, cementing Vietnam’s status as a top-tier energy holder in the region.