Calgary-based Pieridae Energy says it has been granted a permit by the Nova Scotia Utility and Review Board to construct the Goldboro LNG facility. Equinor photo.
Pieridae now to make financing decision on Goldboro LNG facility
Calgary-based Pieridae Energy Limited announced on Wednesday that the Nova Scotia Utility and Review Board has issued the permit to construct the Goldboro LNG Facility.
Now, it is up to the company to make a financial decision on whether or not to commence construction of the $10 billion project. If built, the Goldboro LNG facility will provide liquified natural gas to European and other markets.
Pieridae must also satisfy each of the associated conditions of the regulator’s permit before construction can begin.
The Goldboro project includes a natural gas liquefaction plant, liquefied natural gas tanker terminal, a power plant, a marine jetty for loading and other associated marine facilities.
Goldboro LNG is anticipated to produce approximately ten million tonnes of LNG per year and have onsite storage capacity of 380,000 cubic metres of LNG.
The Project is located adjacent to the Maritimes & Northeast Pipeline (M&NP), a 1,400 kilometre transmission pipeline system built to transport natural gas between developments in Nova Scotia, New Brunswick and the northeastern United States.
In a press release, Pieridae said it is continuing to engage with First Nations “so that the Mi’kmaq people will realize on the opportunities contemplated by the Memorandum of Understanding signed in August 2013”.
Alfred Sorensen, CEO of Pieridae said “it is appropriate to formally recognize the close cultural and historical relationship between the Mi’kmaq people in Nova Scotia and their traditional territory and the resources of the province while acknowledging that the Mi’kmaq have not historically ceded lands or resources through treaty or other formal agreement”.
The construction of Goldboro LNG along with the recently approved Canada LNG project in Kitimat, British Columbia, could increase the prices of Canadian natural gas and boost the natural gas sector, National Bank Financial analysts Greg Colman, Patrick Kenny and Dan Payne said in a research note released in August.