Liquids

A natural gas liquids (NGL) fractionation plant operated by Enterprise Products Partners LP and an oil products terminal operated by El Paso Corp., which are both located in Geismar, LA, were ordered closed last week by the U.S. Coast Guard until they comply with new maritime security codes that took effect July 1.

Houston-based TEPPCO Partners LP, which already operates the Mont Belvieu Storage Partners LP, liquids facility said Tuesday it had signed a definitive agreement to acquire storage assets in Mont Belvieu, TX from ConocoPhillips for $34 million.

Houston-based TEPPCO Partners LP, which already operates the Mont Belvieu Storage Partners LP, liquids facility said Tuesday it had signed a definitive agreement to acquire storage assets in Mont Belvieu, TX from ConocoPhillips for $34 million.

The Grand Gas Meter Station was shut in Monday morning until further notice due to high liquids content in receipts, Northwest said. Gas being received recently from Grand Gas exceeded the tariff maximum of “seven pounds of water in vapor phase per million cubic feet,” the pipeline said.

Range Resources said its proved reserves rose 18% to 685 Bcfe last year, including 486 Bcf of gas and 33 million barrels of oil and gas liquids. Discoveries and extensions added 69 Bcfe, about 90 Bcfe were acquired and upward revisions added 7 Bcfe, bringing the total increase for the year to 166 Bcfe. The increase was offset by 58 Bcfe of production and the sale of 1 Bcfe of reserves. The pretax present value of the company’s proved reserves at year-end, based on constant prices and costs and discounted at 10% rose to $1.4 billion, representing a 45% increase during the year. The valuation was based on year-end Nymex prices of $6.19/MMBtu and $32.52/bbl, compared to $4.75/MMBtu and $31.17/bbl a year earlier. The company replaced 286% of production in 2003, including 130% from drilling and revisions and 156% from acquisitions. Excluding the impact of price increases, reserve replacement would have been 271%. Total anticipated finding costs in 2003 averaged $1.26/Mcfe.

Due to an excessive amount of liquids received at the Tivoli Plant onshore Texas Sunday morning, the Matagorda Offshore Pipeline System was shut in that day and all receipts and deliveries were scheduled to zero. Return to service is expected by Tuesday, MOPS operator Northern Natural Gas said; it had expected to finish a scheduled pigging project Sunday (see Daily GPI, Dec. 18). Florida Gas Transmission took its scheduled deliveries from MOPS at their interconnect in Matagorda County, TX to zero for Sunday’s gas day and until further notice.

The combination Phase III expansion of the Maritimes & Northeast Pipeline and Algonquin Gas Transmission’s HubLine extension went into service last week, starting deliveries of Nova Scotia gas to the Boston area and southeastern Massachusetts.

ConocoPhillips said Thursday that its upstream crude oil, natural gas and natural gas liquids production on a boe a day basis in the third quarter will be 6% below the second quarter — a drop it anticipated earlier this year.

ConocoPhillips said Thursday that its upstream crude oil, natural gas and natural gas liquids production on a boe a day basis in the third quarter will be 6% below the second quarter — a drop it anticipated earlier this year.