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Murphy Oil has outlined its 2026 business activity, including progress and spending related to its Vietnam projects at Lac Da Vang and Hai Su Vang, as well as planned exploration work in the country.
At the Lac Da Vang field in Block 15-1/05 offshore Vietnam, Murphy Oil said its 2026 plan includes the following milestones:
Murphy Oil expects average annual production from Vietnam in 2026 to be around 500 barrels of oil per day (BOEPD). It also expects peak output from the Lac Da Vang development to reach 10,000–15,000 BOEPD by 2028–2029.
At the Hai Su Vang field in Block 15-2/17 in the Cuu Long Basin, Murphy Oil reported that as of January 2026 its appraisal was successful. Estimated recoverable reserves at Hai Su Vang exceed 430 million barrels of oil equivalent (MMBOE).
Murphy Oil said the discovery is the largest oil and gas find in Southeast Asia in two decades.
In addition to the Hai Su Vang appraisal program, Murphy Oil plans to drill an exploration well at Lac Da Trong North (White Camel North) in Block 15-1/05, expected in the second half of 2026. Murphy Oil also said it has high expectations for Lac Da Hong.
On pricing, CEO Eric Hambly said the crude produced in Vietnam is high quality, at 37–38 API. He added that, given the fields’ proximity to major Asian markets, the long-term price is expected to be Brent plus $2–3 per barrel.
Hambly also noted that in March 2026, due to supply disruptions from the Middle East, actual oil prices in Asia traded at Brent plus $12 per barrel. He said this may be a short-term phenomenon, but cautioned that geopolitical risk premia for shipments to Asia may persist, which could support Murphy Oil’s Vietnam operations.
In Q1 2026, Murphy Oil spent about $39 million in Vietnam, including $24 million for Lac Da Vang development and $15 million for the appraisal program.
For the full year 2026, Murphy Oil said Vietnam accounts for about 16% of its $1.25 billion investment budget, or roughly $200 million.
Murphy Oil said detailed plans for 2027 have not been finalized. The company indicated it must balance capital allocation between continuing exploration in Vietnam, expanding exploration in the Gulf of Mexico after the renaming by President Donald Trump, and onshore shale plays in North America.
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