Pieridae Energy Ltd., Calgary, has completed the sale of its Goldboro assets, a step in the company’s plan to focus on its upstream and midstream businesses while also reducing debt and cost of capital.
The Canadian company first noted its planned sale of the east coast asset in its third-quarter 2023 earnings report in November 2023.
Goldboro, a proposed two train, 10-million tonne/year (tpy) liquefaction project in Nova Scotia, Canada, had been shelved following multiple final investment decision postponements beginning with the onset of the COVID-19 pandemic, the withdrawal of KBR from the project, and a subsequent strategic review process (OGJ Online, Apr. 16, 2020; July 14, 2020; July 26, 2021
Pieridae Energy Ltd. said final investment decision on its Goldboro LNG project in Nova Scotia, Canada, has been delayed due to market conditions and the global fallout from COVID-19.
before the company noted in its third-quarter 2023 earnings report its plan to divest the assets. A sale was finalized on July 25, 2024, for cash consideration of $12 million.
The company called the sale “an important step” in its “pivot away from the legacy of an integrated east coast LNG project,” as its moves to focus on operating and growing its natural gas, NGL, and sulphur production, as well as optimizing its midstream processing infrastructure in the Foothills region of Alberta.
The company noted, however, a plan to shut in about 6,250 boe/d of production in response to sustained low natural gas prices.
Mikaila Adams | Managing Editor - News
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was named Managing Editor - News in 2019. She holds a degree from Texas Tech University.
