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.
Pieridae Energy released a statement from its CEO Alfred Sorensen with respect to a future path for the company’s Goldboro LNG project. “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,” Sorensen said.
Sorensen has admitted 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.”
Earlier, CBC News had reported that Pieridae has asked the Canadian federal government to provide a $925 million "grant, repayable contribution, or loan guarantee." However, Central Nova MP Sean Fraser has said that a funding application for Goldboro LNG could not be considered until environmental and regulatory processes have been completed. "We're trying very hard to move away from the use of taxpayers' money to increase fossil fuel production."
The proposed LNG project would import natural gas from Alberta to Guysborough County, N.S., where it would be liquefied and then shipped to buyers. The project has been faced with several opponents include environmentalists who argued that the project would destroy any chance of Nova Scotia meeting its emissions targets and Mi'kmaw groups who believe the project's proposed 5,000-person workcamp would threaten the safety of Mi'kmaw women and girls.
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Source(s)
GLNGI Staff, Pieridae Energy, CBC