What's Happening?
Murphy Oil Corporation has successfully drilled the Hai Su Vang-2X appraisal well in the Cuu Long basin, offshore Vietnam. This well, part of Murphy's appraisal campaign, encountered 429 feet of net oil pay, surpassing the initial discovery's 370 feet.
The appraisal confirmed reservoir continuity and produced 6,000 barrels of oil per day during flow testing. The results suggest an updated recoverable resource estimate trending towards the high end of the previously communicated range of 170-430 million barrels of oil equivalent. Murphy plans further appraisal with additional wells to refine resource estimates.
Why It's Important?
The success of the Hai Su Vang-2X appraisal well strengthens Murphy Oil's position in the Cuu Long basin, potentially increasing the company's recoverable resources. This development could enhance Murphy's production capabilities and contribute to its long-term growth strategy. The appraisal results also provide valuable data for future exploration and development in the region. As global energy demand continues to rise, successful appraisals like this are critical for meeting supply needs and ensuring energy security.
What's Next?
Murphy Oil plans to continue its appraisal campaign with additional wells in the Cuu Long basin. The company will focus on refining its resource estimates and optimizing production strategies. Further testing and analysis will be conducted to assess the potential upside of the shallow reservoir. Murphy's ongoing investment in exploration and development will be key to maximizing the field's output and achieving its production targets.
