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Range Resources names new COO and reveals production growth

Published: 18:58 21 Feb 2018 AEDT

oil and gas operations
New wells and workovers are planned in 2018

Range Resources Ltd (LON:RRL) has announced the appointment of Mr Lubing Liu as its new chief operating officer,  effective March 1, and at the same time the company updated investors on its operations in Trinidad.

Average net oil production amounted to 777 barrels of oil per day in January, representing 23% growth compared to the rate measured for the quarter ending December 31.

READ: Range Resources confirms quarter of production growth

Looking ahead to the work plans for 2018, Range said it intends to integrate the oilfield services business, and it plans to secure third-party contracts.

It is completing work intended to increase water injection rates for the SE waterflood project, up to a rate of at least 1,500 barrels of water per day.

A minimum of two new development wells are planned at the Beach Marcelle and Morne Diablo fields, meanwhile up to 30 ‘heavy’ workovers are anticipated, meanwhile, the company will continue to seek approvals for further water flood operations.

"We are encouraged to see production growth in Trinidad over the recent months,” said Yan Liu, Range chief executive.

“During 2018, our work plan will be aimed at achieving continued production growth mainly through the secondary recovery programme (waterflood), which accounts for the majority of our reserves.

“Having successfully brought two waterflood projects into production to date, we see significant potential in expanding the programme to other areas of our fields.”

READ: Range Resources makes early payment for drilling services acquisition

Lubing Liu has been non-executive director at Range since 2016 and in his new role he will be chief operating officer and general manager of the Trinidad business.

He will be in charge of overseeing the Company's upstream and oilfield services operations focusing on Trinidad.

Kerry Gu, Range chairman, in a statement, said: “Lubing has made a significant contribution to the Company since joining as a Non-Executive Director in 2016 and we look forward to continue working with him in his new role."

“Lubing has a strong technical background and brings a wealth of industry experience, including waterflooding which is key in Range's operations in Trinidad where the Company is undertaking a large waterflooding programme.”

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