Trinidad boost for Range Resources
Oil firm Range Resources has announced a significant upgrade to proved reserves at its mature oil fields in Trinidad.
Oil firm Range Resources has announced a significant upgrade to proved reserves at its mature oil fields in Trinidad.
So-called P1 (i.e. proved) reserves in Trinidad have been upped from 2.6m barrels of oil to 15.4m barrels, lifting the value of the assets by about $290m, the company said.
This increase in reserves follows the recently completed engineering studies of secondary recovery potential in the company's Beach Marcelle Block. Range will seek all necessary approvals to commence development in early 2012 and commit to a $12m development programme over the next 12-18 months.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"It should also be noted that these new proven (P1) reserves are in addition to the previously reported P1-P3 [proved plus probable plus possible] reserves and Prospective Resources inventory that Range currently holds on its Trinidad assets, hence the enormous significance and value that these reserves on the Beach Marcelle Block represent," noted Range Resources Managing Director, Peter Landau.
--
jh
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Older renters £2,000 worse-off than homeowners – the risks of renting in retirement
There are financial risks to renting in your golden years, research suggests
By Marc Shoffman
-
Waspi women targeted in fake compensation scam
The Waspi campaign has warned of a steep rise in fraudulent websites which claim compensation is available for 1950s-born women affected by state pension age changes
By Daniel Hilton