Hopes for a liquefied natural gas export facility in Goldboro, Guysborough County have stalled.
This morning, the proponent, Pieridae Energy Limited of Calgary issued a statement from its
CEO Alfred Sorensen. Soresen says while the company has made tremendous progress in advancing the Goldboro LNG project, it has not been able to meet all the key conditions necessary to make a final investment decision. He says following consultation with the company’s board, Pieridae has decided to move Goldboro LNG in a new direction.
Sorensen says 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. He says it speaks to its ongoing efforts to find a partner to take advantage of these opportunities.
However, Sorensen says it became apparent that cost pressures and time constraints due to COVID-19 have made building the current version of the LNG project impractical. He adds the company will now assess options and analyze strategic alternatives that could make an LNG project more compatible with the current environment.
The company initially announced plans to built the facility in October, 2012.