Canada’s Pieridae still evaluating FLNG option for Goldboro

Canada’s Pieridae Energy is still assessing whether it can develop its Goldboro LNG export project in Nova Scotia as a floating plant, according to the company’s chief executive Alfred Sorensen.

The firm said in August it may develop the FLNG project after it failed to make a final investment decision on the company’s $10 billion onshore LNG export development.

In addition, Pieridae also launched a formal process to consider a range of “strategic alternatives.” These alternatives may include a corporate sale, merger, a sale of a material portion of Pieridae’s assets or other transactions.

“The strategic review of the company assisted by our advisor, Peters & Co., is progressing well and we remain hopeful it will result in a successful conclusion,” Sorensen said in the company’s third-quarter report.

He said that last quarter, the company also announced it would analyze options that could make a reconfigured LNG initiative more compatible with the current environment.

“We are in the midst of a detailed analysis of a potential floating LNG project, one that would produce net-negative GHG emissions, provide a bridge fuel to countries eager to switch from coal-fired to natural-gas-fueled power facilities, provide an opportunity for Indigenous reconciliation and create much-needed jobs in Atlantic Canada and Alberta,” Sorensen said.

Pieridae had previously 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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