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.
It has a 20-year agreement with Uniper for half of Goldboro’s production of about 10 million tonnes of super-cooled liquefied natural gas per year.
The Calgary-based company reported a net loss attributable to equity holders of $25.9 million or 18 cents per share in the fourth quarter of 2019, compared with a net loss of $8.8 million or 17 cents in the same period of 2018.
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.