Range Resources has secured an exploration and production licence for the St Mary’s Block in Trinidad.
The licence will last for 25 years until a commercially viable discovery is made.
Range Resources will initially drill four exploration wells during the six-year period.
The company will also undertake 2D and 3D seismic analysis, together with other technical studies.
As part of the licence, Trinidad state oil company Petrotrin has been given a 20% carried interest via the exploration work programme commitment.
Range Resources is in final discussions with respect to the joint operating agreement with Petrotrin.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company signed the licence for St Mary’s with the Government of the Republic of Trinidad and Tobago, having originally announced the agreement back in February 2014.
Range said the block is on trend with highly prospective acreage with several plays and various onshore discoveries.
Some of the recent discoveries include the 150 million barrel Penal / Barrackpore field, the 20 million barrel / 0.5 TCF gas condensate Carapal Ridge field and other fields ranging in size between 10 and 25 million barrels of oil
The main reservoir targets discovered in St Mary’s Block are Pliocene Deltaic sands, Miocene Herrera sands, Cretaceous sands and the source rock itself.
The western part of the block is adjacent to Range’s production infrastructure which may be used in the development of any discoveries on the new block.
The evaluation of existing seismic and well data has allowed Range to high-grade several areas.
Range will further evaluate the exploration potential of St Mary’s Block through the acquisition and interpretation of new 2D and 3D seismic.
Image: Range Resources’ onshore acreage in Trinidad Photo: Courtesy of Range Resources.
