Oil Bombshell in Vietnam: Murphy’s Giant Discovery Reshapes ASEAN Energy Outlook

A major energy breakthrough off the coast of Vietnam is reshaping conversations across global oil markets. US-based energy major Murphy Oil has confirmed what could be the largest oil discovery in Southeast Asia in nearly two decades, placing Vietnam back on the regional energy map.

The discovery comes from Murphy’s Hai Su Vang appraisal well in the Cuu Long Basin, roughly 40 miles offshore from Ho Chi Minh City. Tests revealed an impressive 429 feet of net oil pay across two reservoirs, with production flows touching 6,000 barrels per day of high-quality crude. Industry analysts estimate the find could hold up to 430 million barrels of oil equivalent, making it one of ASEAN’s most significant energy strikes since the early 2000s.

For Vietnam, this discovery carries strategic weight. Once a net oil exporter, the country has struggled with declining output over the past decade, forcing greater reliance on imports as industrial demand surged. The new offshore development, anchored by a floating production storage and offloading (FPSO) facility, could help reverse that trend while supporting Hanoi’s long-term goal of becoming a fully industrialised economy by 2045.

Murphy Oil’s leadership described the find as a “pivotal moment” for its Vietnam operations, signalling a robust development roadmap with additional wells planned in 2026. The project is being developed in partnership with PetroVietnam and SK Earthon, highlighting strong international confidence in Vietnam’s offshore potential.

Beyond energy security, the discovery is expected to trigger wider economic ripple effects across Asia. Large hydrocarbon finds often lead to increased foreign direct investment, infrastructure development, and cross-border trade activity. For global entrepreneurs and energy-linked businesses, such shifts also influence broader strategic planning - from supply chains to regional headquarters decisions - much like how major resource developments elsewhere often accelerate business setup in Dubai as companies seek stable, well-connected hubs to manage Asia-Middle East operations.

As technology improves and mature basins are re-evaluated, Vietnam’s oil resurgence underscores a broader truth: legacy energy regions can still deliver outsized surprises. Murphy’s discovery may well mark the beginning of a new chapter for ASEAN’s energy landscape.