Grand Prix has commenced full operations, consistently flowing between 150,000 to 170,000 barrels per day (bbl/d) to Mont Belvieu, Targa Resources Corp. announced Aug. 8.
The expectation is for volumes to increase to approximately 200,000 bbl/d in September, then further increase over the balance of 2019 as short-term third party transportation arrangements continue to roll off and additional gathering and processing facilities come online. Grand Prix will provide some partial margin contribution in the third quarter, and as volumes continue to increase, the fourth quarter will be the first full quarter of margin contribution.
As a result of longer than anticipated time related to permitting, coupled with weather related construction delays during critical periods, Grand Prix came online about two months delayed and costs were approximately 10% higher than initial estimates from over two years ago.
Additionally, over the past year the company has experienced higher labor costs that have increased the cost of recently completed gas processing plant expansions and those underway.
FMS, a leading independent supplier of mooring equipment to the global oil and gas industry, has secured a three-year contract with BP on Aug. 22 for the provision of mooring equipment for its North Sea operations.
Over the last two years SNF has added 75,000 MT/yr powder-grade polyacrylamide (PAM) production capacity globally to match the increased demand for EOR (Enhanced Oil Recovery) applications.
Wild Well Control Inc., a Superior Energy Services company and a global leader in well control and engineering services, has added a new 10,000 psi-rated capping stack to its WellCONTAINED group of subsea containment equipment.