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Pieridae Energy looking to purchase producing assets

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LNG Industry,

According to Reuters, Pieridae Energy Ltd is looking to purchase producing assets in western Canada or in the Marcellus shale play in the US.

The company is behind a proposed LNG terminal on the east coast of Canada. Alfred Sorensen, CEO, reportedly told Reuters that the company is looking to purchase approximately 200 million ft3/d of gas production in order to supply this terminal, adding that the company would consider buying a company, or assets alone. He noted that the company would start looking for acquisitions later in 2017.

Sorensen reportedly said: “What we really want is a resource with potential to grow into rather than producing right now.

"Pieridae's plan from the beginning was to be a fully integrated LNG facility owning the upstream as well as the terminal."

Reuters reports that the 10 million tpy Goldboro LNG facility in Nova Scotia, Canada, is under development by Pieridae with a targeted in-service date of 2021. Pieridae is reportedly expecting to make a final investment decision (FID) on the project later in 2017, estimating that it will cost approximately $7.3 billion. Uniper has already committed to purchasing production from the project’s first two 5 million tpy proposed LNG facilities.

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