Murphy Oil, a U.S.-based energy company, has announced the discovery of a massive oil reserve in Vietnam. The find is considered a potential contender for the largest oil discovery in the ASEAN region over the past 20 years.

According to a Nikkei report citing energy consultancy Wood Mackenzie, a Murphy subsidiary drilled an appraisal well at the Hai Su Vang oil field in the Cuu Long Basin, located near Ho Chi Minh City.

The drilling results were highly encouraging, as reported by Mothership on Thursday (January 8, 2026). Initial estimates suggested oil reserves ranging between 170 and 430 million barrels of oil equivalent (MMBOE).

More recent assessments indicate even greater potential, with the upper estimate exceeding 430 MMBOE. Murphy also noted that shallow reservoirs revealed additional recoverable resources that were not included in earlier disclosures.

This discovery could reverse Vietnam’s long-standing trend since 2017, when the country shifted from being a crude oil exporter to a net importer amid expanding industrial activity and refining capacity.

Vietnam aims to achieve developed industrial nation status by 2045. Meanwhile, its oil production has declined sharply, falling from approximately 365,000 barrels per day in 2005 to fewer than 120,000 barrels per day in 2025.

The last major oil discoveries in Southeast Asia were recorded at Indonesia’s Banyu Urip field in 2001 and Malaysia’s Gumusut field in 2003.