Murphy Oil edging closer to bringing online projects in US Gulf and Vietnam

May 7, 2026, by Melisa Cavcic

Houston-headquartered oil and gas company Murphy Oil has made progress across multiple onshore and offshore exploration and production projects, with two on track to achieve first oil this year in the Americas and Asia.

An offshore rig — Illustration; Source: Murphy Oil

Murphy Oil has been busy with multiple activities across continents. The firm spud Bubale-1X as its third exploration well in Côte d’Ivoire and the Chinook #8 development well in the Gulf of America (U.S. Gulf of Mexico). The company is targeting first oil from the well in the United States in the second half of 2026 with a gross initial production rate of 15,000 barrels of oil equivalent per day (boepd).

The American player has approved the development of the Banjo and Cello fields, targeting first production in the fourth quarter of 2027. These fields are located in the deepwater U.S. Gulf within the prolific Mississippi Canyon area, approximately 10 miles from the firm’s Delta House floating production system (FPS).

The U.S. company also progressed the Hai Su Vang-3X appraisal well at the Hai Su Vang (Golden Sea Lion) field in Vietnam, with results from the full appraisal program anticipated in the third quarter of 2026. At the start of 2026, Murphy Oil announced another successful appraisal of the oil discovery in the Cuu Long Basin off the coast of Vietnam.

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The company’s subsidiaries, Murphy Cuu Long Tay Oil and Murphy Cuu Long Bac Oil, serve as the operators of Block 15-2/17 and Block 15-1/05, respectively, holding a 40% working interest in each block. PetroVietnam Exploration Production Corporation has a 35% working interest in these blocks, and SK Earthon holds the remaining 25% stake.

Murphy has other assets in Vietnam, including the Lac Da Vang (Golden Camel) field development in Block 15-1/05. The firm made inroads in the construction of a floating storage and offloading (FSO) vessel in the Southeast Asian country. The FSO is now ready to launch and is set to be delivered to the location in the third quarter of 2026 in line with the schedule. The project is on track for first oil in the fourth quarter of this year.

Following its decision to proceed with the project in 3Q 2023, the firm hired PTSC Asia Pacific, a joint venture between Yinson Production and PetroVietnam Technical Services Corporation (PTSC), for the provision, charter, operation, and maintenance of the FSO unit in December 2024.

PTSC Mechanical & Construction completed the load-out of the Lac Da Vang – A (LDV-A) platform jacket and piles in September 2025. While the first oil is still slated for 4Q 2026, development activities are anticipated to continue through the financial year 2029.

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Meanwhile, Murphy brought online 15 wells in the Eagle Ford Shale, with the wells driving a 17% improvement in 60-day cumulative oil production compared to wells drilled in 2025. The company also submitted an offer in late March 2026 for four exploration blocks off the coast of Cameroon, which was accepted after quarter-end; however, final terms are pending further discussions with the African country.

Eric M. Hambly, Murphy Oil’s President and Chief Executive Officer, commented: “During these uncertain times, our strategy is to stay anchored to what we control—disciplined capital allocation, safe and reliable operations, and our long‑cycle projects.

“In the first quarter, this focus translated into strong execution across our portfolio with meaningful progress at Lac Da Vang in Vietnam, advancement of the high-impact Chinook #8 well in the Gulf of America, and sustained outperformance from our US and Canada onshore programs.”