Canada’s Pieridae says looking at other options for Goldboro LNG

Canada’s Pieridae Energy is evaluating options for its proposed Goldboro LNG export terminal in Nova Scotia after it failed to make a final investment decision by June 30.

To remind, Pieridae said earlier this year it had expected to make a final decision on its Goldboro LNG export terminal by the end of last month, after postponing the decision last year due to Covid-19.

However, in a statement issued on Friday the firm said it had not been able to meet key conditions necessary to make the decision on the $10 billion project.

“Following consultation with our board, we have made the decision to move Goldboro LNG in a new direction,” Pieridae’s CEO Alfred Sorensen, said.

Sorensen said, “it became apparent that cost pressures and time constraints due to Covid-19 have made building the current version of the LNG project impractical.”

“We will now assess options and analyze strategic alternatives that could make an LNG project more compatible with the current environment. In addition, the company will continue its work to further optimize the operation and development of our extensive Foothills resources and midstream assets, including our carbon capture and sequestration and blue power development,” he said.

Pieridae had planned to build a facility with two 5.2 mtpa trains that would employ about 3,500 workers during the peak construction phase.

Moreover, the firm has a 20-year binding contract with German energy firm Uniper for all of the volumes from the first liquefaction train.

It had previously expected to start commercial LNG deliveries to Uniper between August 31st, 2025 and February 28th, 2026.

Pieridae has also last year teamed up with Bechtel on Goldboro LNG after US engineer KBR backed out of signing the lump sum deal.

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