Decision on Goldboro LNG project delayed due to market conditions, coronavirus

The company planning to build a $10-billion LNG export facility in Nova Scotia says it will delay making an investment decision because of depressed global commodity markets and the effects of the COVID-19 pandemic.

Last July, Pieridae Energy Ltd. announced it would delay until Sept 30, 2020, a decision on proceeding with the Goldboro LNG project.

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Pieridae now says it is in negotiations with Germany’s largest utility, Uniper, to extend the investment decision deadline to June 2021.

Revenue net of royalties jumped to $60 million from $2.4 million as it added 29,000 barrels of oil equivalent per day through its purchase in October of southern Alberta natural gas assets from Royal Dutch Shell.

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