LNG Project Fundamentals Remain Strong
‘While Pieridae has made tremendous progress in advancing the Goldboro LNG Project, as of June 30, 2021, we have not been able to meet all of the key conditions necessary to make a final investment decision. Following consultation with our Board, we have made the decision to move Goldboro LNG in a new direction. The Project’s fundamentals remain strong: robust LNG demand from Europe and high global LNG prices, Indigenous participation, a net-zero emissions pathway forward, and support from jurisdictions across Canada. This speaks to our ongoing efforts to find a partner to take advantage of these opportunities.
That 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.
Pieridae continues looking for innovative ways of supplying the world with the clean natural gas it requires as a reliable bridge fuel, and providing the energy to fuel people’s lives while supporting the environment and the transition to a lower-carbon economy.
In our Q2 2021 news release we mentioned one option 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.'
Alfred Sorensen, Chief Executive Officer, Pieridae Energy
A floating LNG Project would produce net-negative GHG emissions, positions Canada as a secure energy supplier to Europe, provides a bridge fuel to countries eager to switch from coal-fired to natural-gas-fuelled power facilities, delivers an opportunity for Indigenous reconciliation and partnership, and creates much-needed jobs in Atlantic Canada and Alberta..