Pieridae Energy to decide on LNG facility this week
The liquefied gas installation would cost the company an approximate 10 bn dollars.
Gabriel ThomasOctober 5, 2026
A project in Nova Scotia remains a bright light among Canada's battered LNG hopes. Pieridae Energy Ltd. Calgary \[PEA-TSX\] is expected to make a final investment decision before June 30 for its $ 10 billion liquefied natural gas (LNG) facility in Goldboro, which, if approved, will produce its first LNG in 2025-26 should. This follows the apparent liquidation of the Kitimat LNG project on the British Columbia coast, initially with 50% operating partner Chevron Canada Ltd, the Canadian arm of California-based Chevron Corp. \[CVX-NYSE\], unsuccessfully put its stake up for sale in December 2019 and stated that it will not fund any further work on the project. Now the other equal partner, Woodside Petroleum Ltd. \[WPLAX-ASX\] says it plans to sell its 50% stake and focus on higher value opportunities in Australia and Senegal, although it will retain a position in northern BC's Liard Basin upstream gas resource. Twenty LNG terminals were once proposed for Canada's west coast, but Shell Canada's $ 40 billion LNG Canada project is the only one getting carried out. Another project could be added with the Pieridae project. "Goldboro ... is starting to look like 'the last one standing' as other projects in North America are either delayed or canceled," Pieridae CEO Alfred Sorensen said in a press release. The company's biggest concern now is construction costs, and they are waiting for a final price from engineering firm Bechtel Corp. due in late May before they do the FID. Societe Generale SA, a historic financier of LNG projects, said it was running out of new funding for shale gas projects for environmental reasons, so Pieridae was forced to find a new financier, Japan's MUFG Bank, to cover the cost of the project Raising $ 10 billion. SocGen's move puts a dozen North American LNG projects at risk that have yet to be funded. It is now more difficult to get funding for North American energy projects as local regulatory processes are uncertain, said James Millar, director of external relations at Pieridae. "North America is losing energy development opportunities," he said. Without sound environmental, social and governance measures, "nothing is financially viable these days," said Sorensen, who last week announced its Caroline Carbon Capture Power Complex as a way to offset such negativity. The 266 acre Goldboro project approximately 250 km northeast of Halifax, NS, has been cleared for construction. The plant will have two liquefaction plants - trains - that will produce a total of around 10 million tons of liquefied natural gas per year, as well as two storage tanks, two loading bays and a power plant, along with administration, control and maintenance facilities and supply facilities. The facility would produce approximately 10.4 million tons per year (MTPA). Pieridae already has a 20-year contract to sell Goldboro's first strand LNG - about 5.2 MTPA or 0.68 billion cubic feet of natural gas per day - to German utility Uniper SE. This agreement remains in force. "The agreement with Uniper is solid," said Millar. "You still strongly support the project. Contracts like the one we have with you for 20 years plus a 10-year option are very difficult to implement in the current environment. This contract remains one of the decisive advantages that ours Project over others, since the entire LNG production of Train 1 has already been taken. " Millar said Goldboro LNG was a "golden opportunity" that all Canadians would benefit from. This is based on a "real reconciliation" with the Mi'kmaq First Nation in Nova Scotia, whose 13 tribes have signed a user agreement and fully support the project. They will be involved in building a $ 720 million home for 3,500 workers during the four-year construction phase.
