US Oil company confirms a major offshore oil discovery near Vietnam, ASEAN’s biggest in 20 years?

This is not a small discovery that gets forgotten after one news cycle. A US-based oil producer has confirmed a major offshore find near southern Vietnam, and the numbers are big enough to turn heads across Southeast Asia.

According to updated assessments, the oil field could hold more than 430 million barrels of recoverable oil, potentially making it ASEAN’s largest oil discovery in nearly 20 years. Honestly speaking, that puts Vietnam back on the regional energy map in a serious way.

What was discovered, and where exactly is it?

The discovery was made by Murphy Oil, through one of its subsidiaries operating offshore Vietnam. The appraisal well was drilled in the Hai Su Vang oil field, located in the Cuu Long Basin, not far from Ho Chi Minh City.

Earlier estimates already suggested a sizeable reserve. But after drilling additional appraisal wells and analysing reservoir data, the numbers have been revised upwards — and by quite a margin.

Item	Previous Estimate	Updated Estimate
Oil & gas resources	170–430 MMBOE	Midpoint near upper range
Maximum potential	430 MMBOE	Above 430 MMBOE
New upside	Not included	Shallow reservoir adds extra recoverable resources
Regional ranking	Significant	Possibly ASEAN’s biggest in 20 years

Why the new estimate is getting people excited

According to energy consultancy Wood Mackenzie, the updated estimate sits close to the high end of the earlier range, with the revised upper bound now clearly exceeding 430 million barrels of oil equivalent (MMBOE).

Murphy Oil also highlighted something important: the shallow reservoir shows additional recoverable resources that were not included in previous estimates. In simple terms, the field may still have more oil than what’s currently being counted.

For investors and policymakers, this kind of upside matters a lot.

Why this matters for Vietnam’s energy future

This discovery comes at a critical time for Vietnam. The country shifted from being a net crude oil exporter to a net importer in 2017, driven by rapid industrial growth and expanding refinery capacity.

At the same time, domestic oil production has been falling fast. Vietnam’s output dropped from 365,000 barrels per day in 2005 to below 120,000 barrels per day by 2025, based on industry estimates.

Vietnam has an ambitious target to reach industrialised nation status by 2045. That goal needs energy — lots of it. A large domestic oil field could help stabilise supply, reduce import reliance, and support long-term energy planning.

How big is this compared to past ASEAN discoveries?

To understand the scale, you need context. The last oil finds of this magnitude in Southeast Asia were:

• Banyu Urip in Indonesia (2001)
• Gumusut in Malaysia (2003)

Both became cornerstone assets for their countries’ oil sectors. If the Hai Su Vang field delivers anywhere near its upper estimate, it would sit comfortably in the same league.

What this could mean for the region

For ASEAN, this discovery reinforces that mature basins can still deliver surprises. For Vietnam, it’s a potential turning point after years of declining output. And for energy markets watching from Singapore, this adds another important data point when assessing regional supply security.

No need to overthink — this is one discovery worth watching closely.

Frequently Asked Questions

Is this oil discovery confirmed or still speculative?

The estimate is based on appraisal drilling and reservoir analysis, not just early exploration. While final recoverable volumes will still be refined, the discovery itself is confirmed.

Will this immediately reduce Vietnam’s oil imports?

No. Development takes time, often several years. However, if fully developed, it could significantly offset imports in the medium to long term.

Does this affect oil prices in Singapore?

Not directly in the short term. Oil prices in Singapore are driven by global markets, but stronger regional supply can help with long-term energy stability.