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Pieridae delays Nova Scotia LNG export plant decision due to coronavirus

April 16, 2020 7:49 AM
Reuters

Pieridae Energy Ltd said on Thursday it delayed a decision to build the Goldboro liquefied natural gas (LNG) export plant in Nova Scotia until after Sept. 30 as steps to curb the coronavirus outbreak cut global economic growth and energy demand.

The Canadian energy firm previously said it expected to make a final investment decision (FID) to build the project in the third quarter of 2020, which would allow it to start producing LNG between November 2024 and May 2025.

“Market conditions and the global fallout from COVID-19 have impacted our ability to make a final investment decision this fall, but we are confident it will happen once conditions improve and we can better analyze the landscape,” Pieridae Chief Executive Officer Alfred Sorensen said in the company’s fourth-quarter earnings release.

Goldboro is designed to produce about 9.6 million tonnes per annum (MTPA) of LNG, or about 1.3 billion cubic feet per day (bcfd) of natural gas. One billion cubic feet of gas is enough to supply about 5 million U.S. homes.

Pieridae said it expects construction to take about 56 months and plans to employ about 4,500 workers to build the project.

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