Canada’s Pieridae ditches Goldboro LNG export plans

Canada’s Pieridae Energy said it will sell its Goldboro unit as part of its strategic pivot away from LNG.

The company has been trying to develop the Goldboro LNG export project for years, including via a floating LNG (FLNG) option.

Back in 2020, Pieridae negotiated extensions of the key deadlines under its long-term deal with Germany’s Uniper.

The firm said in August 2021 it may develop an FLNG project after it failed to make a final investment decision on the company’s $10 billion onshore LNG export development.

Pieridae had previously planned to build an onshore facility with two 5.2 mtpa trains.

The company announced on November 8 that it has initiated a process to sell its Goldboro unit and associated assets, licenses and permits, highlighted by 267 acres of undeveloped coastal industrial land in Nova Scotia.

The firm purchased this land to accommodate the onshore LNG export terminal.

This process is expected to conclude in the first half of 2024 and, once complete, will mark the conclusion of Pieridae’s strategic pivot away from east coast LNG toward an Alberta-focused natural gas production and processing business, it said.

Any cash proceeds from the sale of Goldboro will be used to repay existing indebtedness, in particular the company’s bridge term loan, the firm said.