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.
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"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.
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