Beach Marcelle waterflood project going well, says Range Resources
Range Resources Corp.
$37.15
06:30 26/04/24
International oil and gas company Range Resources updated the market on its producing waterflood project in the south east area of the Beach Marcelle field in Trinidad on Thursday, reporting that it was now undertaking work to expand the project.
The AIM-traded firm said additional wells would be incorporated as part of the expansion programme, with up to 11 additional producers and six injector wells.
It said those activities were aimed at increasing water injection and oil production rates from early 2019 onwards.
A data collection programme on the selected wells was already underway, the board said, with repairs of the existing pumps now completed.
The company reported that it was also working on updating waterflooding schemes for other areas of the Beach Marcelle field.
“Earlier this year we commenced a review of our waterflood programme in Trinidad and are pleased to be able to share the details of the expansion plans with our shareholders,” said Range Resources chief executive officer Yan Liu.
“Our initial plan is to complete data collection which will help us in gathering comprehensive information on the selected wells.
“We will be using the findings to activate additional wells and increase the waterflooding area of the SE Project.”
Liu said that in tandem, the company was also continuing with its previously-announced programme of infrastructure modernisation at the Beach Marcelle field, which was expected to provide a “greater resilience” in the production infrastructure and accommodate the anticipated production growth at the field.
“Waterflood projects remain key to developing our large reserves base in Trinidad in the longer term and we look forward to continuing work to unlock the value of our assets.”