PVS and PVD: Murphy Oil Starts 100M-Barrel Golden Camel Field Offshore Vietnam

Overview

Murphy Oil Corporation announced first oil on 27 September 2026 at the Lac Da Vang (Golden Camel) field in Block 15-1/05, Cuu Long Basin, offshore southern Vietnam, ahead of the original schedule. The field carries estimated recoverable resources of about 100 million barrels of oil equivalent, and PTSC (PVS, HNX) supplied the central processing platform and the FSO PTSC LDV. A separate discovery at the Lac Da Trang Bac-1X exploration well in the same block adds a potential tie-back development.

Key Facts

• First oil at Lac Da Vang was achieved on 27 September 2026, ahead of the original plan, per Murphy Oil’s announcement dated 12 October.
• Murphy Oil estimates roughly 100 million barrels of oil equivalent of recoverable resources at Lac Da Vang; partner SK Earthon estimates about 60 million barrels.
• Block 15-1/05 total production could reach a peak of 25,000 barrels of oil per day once development is complete, according to SK Earthon.
• Murphy Oil forecasts its net share at Lac Da Vang peaking at 10,000-15,000 boe/d during 2028-2029.
• Block 15-1/05 interests: Murphy Cuu Long Bac Oil (operator) 40%, PVEP 35%, SK Earthon 25%.
• PTSC fabricated the central processing platform and the FSO PTSC LDV, which has capacity of more than 500,000 barrels.
• The Lac Da Trang Bac-1X exploration well was drilled to about 3,834m in roughly 45m water depth, encountering about 40m of net oil pay; pre-drill resource estimates were 40-80 million boe.

What Happened

Murphy Oil Corporation said the Golden Camel field in Block 15-1/05, Cuu Long Basin, came onstream on 27 September 2026, earlier than planned. The field entered full development in 2024, and production has now begun at the first producing well, with output expected to rise as additional wells are brought online. The offshore infrastructure includes a central processing platform, pipelines and a floating storage and offloading vessel. PTSC, the Petrovietnam technical services arm, built the central processing platform and the FSO PTSC LDV, which holds more than 500,000 barrels.

Alongside first oil, Murphy Oil reported a new discovery at the Lac Da Trang Bac-1X exploration well in the same block. The well was drilled to approximately 3,834m in about 45m of water and logged roughly 40m of net oil pay. Murphy Oil said the find could be tied back to existing infrastructure through subsea equipment and pipelines rather than a standalone development, which would cut investment cost and shorten the time to commercial production. The wider area has also recorded the Lac Da Hong, Lac Da Trang and Lac Da Nau discoveries; Lac Da Hong was announced in May 2025 and has been successfully flow-tested.

Market Context

PVS closed at 33,000 on 13 October 2026 on HNX, while PVD closed at 17,800. Both tickers sit in the upstream oilfield services segment, which trades on the pace of EPC awards, rig fixtures and offshore development spending rather than on short-run crude prices alone. The Cuu Long Basin has become the busiest offshore development theatre in Vietnam, with international operators such as Murphy Oil and SK Earthon working alongside Petrovietnam subsidiaries. First oil at a field of this scale, plus a tie-back discovery nearby, supports the medium-term order book for Vietnamese fabrication yards and drilling contractors.

Strategic Significance

For PVS, the Golden Camel project is a reference case: PTSC delivered both the central processing platform and the FSO, demonstrating capability on an integrated offshore development with US and Korean partners. That track record matters for future Block 15-1/05 tie-backs and for other Cuu Long and Nam Con Son projects where operators weigh local fabrication against regional yards. For PVD, the thesis is indirect but real: each additional development well, tie-back and exploration probe in the basin translates into jack-up or rig demand, and the Lac Da Trang Bac-1X result suggests the block still holds drillable prospects. The tie-back model Murphy Oil describes is cost-efficient for the operator and, for the services chain, converts a single discovery into a multi-year stream of subsea, pipeline and drilling work rather than a one-off platform contract.

What to Watch

• Murphy Oil’s quarterly investor materials for updated Lac Da Vang production rates and any revision to the 100 million boe resource estimate.
• Appraisal and development drilling plans for Lac Da Trang Bac-1X, including confirmation of tie-back scope and timing.
• PVS contract awards and backlog disclosures in upcoming filings, particularly any follow-on EPC or FSO work in Block 15-1/05.
• PVD rig utilisation and day-rate updates for Vietnam and regional fixtures, which indicate whether basin activity is converting into contracts.
• Further exploration results in the Lac Da prospect cluster, including Lac Da Hong, Lac Da Trang and Lac Da Nau.