Murphy Oil Corporation has recently announced its approval for the development of the Lac Da Vang field, located in Block 15-1/05 within the Cuu Long Basin offshore Vietnam. This field is estimated to contain approximately 100 million barrels of oil equivalent (BOE) in gross recoverable resources.
Development Timeline and Production Expectations
- The project envisions first oil production in 2026, with development activities extending through 2029.
- Peak gross production from the Lac Da Vang field is anticipated to range between 30,000 and 40,000 barrels of oil equivalent per day (BOE/D). This translates to a net production of 10,000 to 15,000 BOE/D for Murphy Oil, the project’s operator.
Partnerships and Ownership
- Murphy Oil holds a 40% working interest in Block 15-1/05, serving as the operator of the project.
- Collaborating partners in this venture include PetroVietnam Exploration Production (35%) and SK Earthon (25%).
Project Background
- Block 15-1/05 was originally awarded to local operator PVEP and Korean entity SK Corporation in 2007.
- In 2009, the partners embarked on exploratory drilling with the LDN-1X well and discovered the Lac Da Nau oil field.
- Subsequently, in the following year, the LDV-1X well was drilled, leading to another oil discovery.
- Murphy Oil acquired a stake in the field in 2018, solidifying its involvement in the project.
Future Exploration Plans
- Murphy Oil has plans to expand its exploration efforts in the region. In 2024, the company intends to move forward with the Lac Da Hong exploration well.
- Block 15-1/05’s Lac Da Hong prospect presents a gross resource potential ranging from 60 million BOE to 135 million BOE.
- Additionally, the company is preparing for an exploration test at the Hai Su Vang prospect within Block 15-2/17 for the following year. The prospect holds an estimated resource potential of 170 million BOE to 430 million BOE.
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