Canada’s Pieridae Energy may develop its Goldboro LNG export project in Nova Scotia as a floating plant, according to the company’s chief executive Alfred Sorensen.
The company is looking into several options after it failed to make a final investment decision on the company’s $10 billion onshore LNG export development.
It has also recently 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.
“We recently announced a step change in our approach to the Goldboro LNG project as we analyze options that could make a reconfigured LNG initiative more compatible with the current environment,” Sorensen said on Thursday in the company’s second-quarter report.
“Those options might include a floating LNG project, one with proven technology that drastically reduces GHG emissions; involves clean, electric-drive turbines and reduces capital costs substantially compared to our former project, while maintaining a projected healthy rate of return,” 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.