Pieridae eyeing natural gas assets purchase

Pieridae eyeing natural gas assets purchase

Canadian LNG project developer Pieridae Energy is looking to invest in natural gas resources to secure supply for its proposed Goldboro LNG project in Nova Scotia. 

Speaking to Reuters, Alfred Sorensen, Pieridae’s chief executive said the company is eyeing assets or a company with producing assets in western Canada or in the Marcellus shale in the United States.

Sorensen said the company intends on buying 200 million cubic feet of natural gas per day, however, it is more interested in purchasing resources with development potential rather than producing assets.

The assets purchase could take place by the end of the year when it also expects to make the final investment decision on its 10 million metric tons per annum (mtpa) project.

Pieridae Energy is targeting the next wave of LNG production, post-2020 and has already sold 50 percent of Goldboro’s initial capacity under a 20-year, take-or-pay contract with Uniper.

On Monday, May 15, Pieridae Energy agreed to buy Pétrolia in a reverse takeover, forming a new publicly traded company, Pieridae Energy Limited, which will be known as Amalco.

The new entity will enable Pieridae Energy to realize its goals of becoming a fully integrated energy company that will own upstream production as well as the LNG terminal.

 

LNG World News Staff

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