Canada's Pieridae Energy shuts-in production amid low natgas prices
25/07/2024 23:35
July 25 (Reuters) - Canadian energy company Pieridae
Energy PEA.TO said on Thursday it has shut-in the production
of about 6,250 barrels of oil equivalent per day (boe/d) that
flows to a third-party owned and operated facility, in response
to low natural gas prices.
Pieridae said the shut-in of the uneconomic sour gas
production was due to extremely low AECO natural gas prices and
high processing costs.
The AECO hub, located in the Canadian province of Alberta,
is one of the largest storage facilities in North America and
where the benchmark price for Canadian gas is set.
The production is expected to be completely shut in by July
26, Pieridae added.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Alan
Barona)
((Srivastava.Vallari@thomsonreuters.com;))