Murphy closing in on first oil from Southeast Asian offshore project

August 6, 2026, by Melisa Cavcic

Houston-headquartered oil and gas company Murphy Oil is making inroads in developing an oil field off the coast of Vietnam, with the start-up on schedule for the next quarter. The firm is also pursuing other hydrocarbon projects not just in Southeast Asia, but also in other regions of the world.

FSO PTSC Lac Da Vang (FSO PTSC LDV); Source: OceanStar Elite

Murphy Oil has advanced its Lac Da Vang (Golden Camel) development project in Vietnam toward first oil by completing the pipeline installation work and launching a floating storage and offloading (FSO) vessel, which will be deployed at the field.

The firm has completed the installation of topsides and mobilized the FSO to its final location to breathe life into the project. As a result, the project remains on track and is expected to achieve first oil in the fourth quarter of this year.

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Business Developments & Projects

The company also spudded the Lac Da Trang (White Camel) North-1X exploration well in the Asian country’s Block 15-1/05. Aside from this, Murphy concluded the Hai Su Vang (Golden Sea Lion) appraisal program in Vietnam with the completion of the Hai Su Vang-4X appraisal well, which was expensed as a dry hole.

Meanwhile, the U.S.-headquartered player recently announced an oil discovery at the Bubale-1X exploration well in Block CI-709 offshore Côte d’Ivoire, with the well encountering 100 feet of net pay across two reservoirs.

In addition, the company spudded the Bubale West-1X offshore appraisal well in the African country’s Block CI-103. Murphy also completed drilling operations and initiated completion activities at the Chinook #8 development well in the Gulf of America (U.S. Gulf of Mexico).

This well is expected to come online in the fourth quarter of 2026 with a gross initial production rate of around 15 million barrels of oil equivalent per day. The firm has expanded its full-year capital program to advance high-impact appraisal and development opportunities, increasing the CAPEX midpoint from $1.25 billion to $1.55 billion.

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Eric M. Hambly, Murphy Oil’s President and Chief Executive Officer, commented: “Murphy enters the second half of 2026 with a growing exploration pipeline and multiple pathways to long-term shareholder value creation.

“Bubale-1X has broadened our opportunity set, Hai Su Vang has progressed from appraisal to development planning, and Lac Da Vang is nearing first oil. The breadth of our portfolio creates optionality, allowing us to prioritize the highest-value opportunities and maximize shareholder returns.”