Murphy Oil Corp said Tuesday appraisal drilling confirmed last year’s Hai Su Vang oil discovery in the Cuu Long Basin offshore Vietnam as “significant”.
“The updated midpoint of recoverable resources for the primary reservoir is towards the high end of our previously communicated range of 170-430 million barrels of oil equivalent (MMboe) and the high end of the new range now exceeds 430 MMboe”, the Houston, Texas-based company said in an online statement. “Additionally, results from the shallow reservoir provide recoverable resource upside not included in the previously communicated range.
“Additional appraisal wells are necessary to further refine the range of recoverable resources for both reservoirs”.
The Hai Su Vang-2X (HSV-2X) appraisal well encountered 429 feet of net oil pay across the same two reservoirs where the Hai Su Vang-1X discovery encountered about 370 feet of net oil pay, Murphy said. HSV-2X encountered 332 feet of net oil pay in the deeper primary reservoir and 97 feet of net oil pay in the shallow reservoir, it said.
“Within the primary reservoir, the HSV-2X appraisal well deepened the proven oil-down-to by 413 feet without encountering water, extending the total hydrocarbon column to approximately 1,600 feet”, Murphy said.
“Formation evaluation supports reservoir continuity to the HSV-1X discovery well. The primary reservoir achieved a production rate of 6,000 barrels of oil per day during flow testing of the appraisal well. The well produced high-quality, 37-degree API oil which is consistent with the results from the discovery well. Further testing is ongoing”.
Murphy said it would continue the appraisal campaign to further delineate the Block 15-2/17 field and evaluate additional reservoir intervals with the HSV-3X appraisal well in Block 15-1/05, where it discovered Lac Da Hong-1X (Pink Camel) last year, and the HSV-4X well in Block 15-2/17.
“Both appraisal wells are included in our capital program, and we are reaffirming our previously stated capex guidance of $1.1-$1.3 billion for 2026”, it said.
Murphy president and chief executive Eric Hambly said, “The success of HSV-2X not only reinforces the commerciality of the Hai Su Vang field but also sets the stage for a robust development program”.
Murphy operates Block 15-2/17 and Block 15-1/05 with a 40 percent stake. State-owned PetroVietnam Exploration Production Corp Ltd owns 35 percent. South Korea’s SK Earthon Co has 25 percent.
In Block 15-1/05, Murphy aims to start oil production in the Lac Da Vang (Golden Camel) field in the fourth quarter of 2026, it says on its website.
Elsewhere in the Southeast Asian country, Murphy owns a 65 percent operating stake in deepwater blocks 144 and 145, which cover a combined 6.55 million acres in the Phu Khanh Basin.
To contact the author, email jov.onsat@rigzone.com
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