Trinidad

Range entered Trinidad in 2011 through the acquisition of three producing onshore licences - Morne Diablo, South Quarry and Beach Marcelle.

Subsequently, Range acquired interests in exploration acreage on the Guayaguayare and St Mary’s licences.

Range in Trinidad today:

  • Operator and majority interest holder of 5 blocks (onshore and offshore)
  • Active onshore work programme focused on delivery of waterflood projects 
  • Water injection on two waterflood projects commenced in 2015/2016
  • Selective development drilling
  • Proved and probable (2P) reserves of 16 million barrels (FY 2017)
  • Annual production in excess of 190,000 barrels (FY2017)

LicenceWorking interestOperatorOngoing work programme
Morne Diablo100%RangeWaterflood 
Beach Marcelle100%RangeWaterflood 
South Quarry100%RangeWaterflood
Guayaguayare Shallow*65%RangeUnder review
Guayaguayare Deep*80%RangeUnder review
St Mary’s80%RangeUnder review 

*Production Sharing Contracts over the Guayaguayare have expired and are subject to final government approvals.

Production growth in Trinidad will be driven by waterflood projects:

Secondary recovery – waterflood

  • Majority of current 2P reserves are attributed to waterflood 
  • Key to increasing production
  • Majority of production growth to come from Beach Marcelle field
  • Waterflood injections on both Morne Diablo and Beach Marcelle fields commenced during 2015/2016
  • Approximately 25% of Range's current production is from waterflood projects

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Why is Trinidad attractive for independents? 

Trinidad and Tobago is an established oil & gas economy

  • Leading oil & gas producer in the Caribbean (net exporter of oil and gas)
  • Oil & gas accounts for 40% of GDP and 80% of exports 
  • Well developed infrastructure and large modern refinery capacity 
  • Operations dominated by national oil companies for a long period of time, increasing presence of international players in recent years

Low risk onshore oil development opportunities

  • Main focus has been on offshore gas, therefore onshore resources provide unique low risk development opportunities for independents, including secondary recovery projects
  • Ability to rapidly generate value from production

T&T key facts  

CapitalPort of Spain
Population (2016)1.2 million
GDP (2015)US$ 26 billion
Country credit rating S&P: A / A-1, Moody’s: Baa3
Crude oil proved reserves (2016)700 mmbbl 
Crude oil production (2015)78,600 bopd
County comparison to the world on crude oil proved reserves44

Source: CIA World Factbook, S&P, Wood Mackenzie