Vietnam’s major offshore oil discovery boosts energy outlook: Video
Vietnam has confirmed its largest offshore oil discovery in two decades at the Hai Su Vang field off the southern coast, a development experts say could transform the country’s energy security.
The find comes after years of declining crude production, which fell from 360,000 barrels per day to around 120,000 barrels per day.
Dr Nguyen Minh Phong, former head of the Economic Research Division at the Hanoi Institute for Socio-Economic Development Studies, said the discovery will help Vietnam reduce reliance on imports, increase self-sufficiency, and potentially expand export capacity. He added that Vietnamese crude is considered high quality, offering economic and trade benefits regionally and globally, even if the impact on global markets remains minimal.
The field is operated by US firm Murphy Oil Corporation alongside PetroVietnam. Nguyen noted that Vietnam is also investing in a diversified energy strategy, including hydropower, renewables, and nuclear power, aiming for long-term energy independence while carefully managing economic and political interests.
This story is written and edited by the Global South World team, you can contact us here.
