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Nova Scotia LNG project decision delayed due to market conditions, COVID-19

CALGARY — The company planning to build a $10-billion LNG export facility in Nova Scotia says it will delay making an investment decision because of depressed global commodity markets and the effects of the COVID-19 pandemic.

Last July, Pieridae Energy Ltd. announced it would delay until Sept 30, 2020, a decision on proceeding with the Goldboro LNG project.

Pieridae now says it is in negotiations with Germany’s largest utility, Uniper, to extend the investment decision deadline to June 2021.

It has a 20-year agreement with Uniper for half of Goldboro’s production of about 10 million tonnes of super-cooled liquefied natural gas per year.

The Calgary-based company reported a net loss attributable to equity holders of $25.9 million or 18 cents per share in the fourth quarter of 2019, compared with a net loss of $8.8 million or 17 cents in the same period of 2018.

Revenue net of royalties jumped to $60 million from $2.4 million as it added 29,000 barrels of oil equivalent per day through its purchase in October of southern Alberta natural gas assets from Royal Dutch Shell.

“Market conditions and the global fallout from COVID-19 have impacted our ability to make a final investment decision this fall (on Goldboro) but we are confident it will happen once conditions improve and we can better analyze the landscape,” said CEO Alfred Sorensen in a statement.

This story by The Canadian Press was first published April 16, 2020.

Companies in this story: (TSXV:PEA)

The Canadian Press

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