Pieridae delays Nova Scotia LNG export plant decision due to coronavirus (updated)
16/04/2020 14:49
(Adds details, background)
April 16 (Reuters) - Pieridae Energy Ltd PEA.V 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.
(Reporting by Scott DiSavino
Editing by Chizu Nomiyama and Paul Simao)
((scott.disavino@thomsonreuters.com; +1 646 223-6072; Reuters
Messaging: scott.disavino.thomsonreuters.com@reuters.net))