Murphy Oil said this week that it sanctioned the Lac Da Vang field development project in Block 15-1/05 of the Cuu Long Basin offshore Vietnam. The field holds an estimated gross recoverable resource of 100 million BOE.
First oil is expected in 2026, with development phased through 2029. Peak gross production from the field is expected to be between 30,000 and 40,000 BOE/D, or 10,000 to 15,000 BOE/D net to Murphy’s interest.
Murphy as operator holds a 40% working interest in the block. Partners include PetroVietnam Exploration Production (35%) and SK Earthon (25%).
The block was awarded to local operator PVEP and Korean player SK Corporation in 2007. Later that year, Total acquired a 30% share from PVEP. The partners drilled the first wildcat LDN-1X in 2009 and discovered the Lac Da Nau oil field.
The next year, the partners drilled a second wildcat, LDV-1X, and made another oil discovery at the field. The exploration well, which was drilled in a water depth of 48 m produced up to 3,500 B/D of 43 degree API oil during tests, is about 125 km to the East of the city of Vung Tau, about 65k m off the coast.
Murphy bought into the field in 2018.
Murphy also plans to expand its exploration efforts in the region. The company is advancing plans for a Lac Da Hong exploration well in 2024. The Block 15-1/05 target has gross resource potential of between 60 MMBOE and 135 MMBOE. In Block 15-2/17, the company also plans to spud an exploration test at the Hai Su Vang prospect next year. The prospect’s resource potential is estimated at between 170 MMBOE and 430 MM BOE.
