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Pieridae Energy Ltd T.PEA

Alternate Symbol(s):  PTOAF

Pieridae Energy Limited is a Canadian energy company. The Company is an upstream producer and midstream custom processor of natural gas, natural gas liquids, condensate, and sulphur from the Canadian Foothills and adjacent areas in Alberta and in northeast British Columbia (BC). It owns and operates three sour gas processing complexes at Waterton, Caroline and Jumping Pound. Its footprint covers over a million gross acres (807,000 net acres) in the Foothills and makes up conventional gas reservoirs in North America. Across Alberta and British Columbia, its footprint stretches over one million gross acres of land, with ownership of three deep cut gas plants and more than 3,800 kilometers of pipelines. Its foothills include the southern foothills, central foothills and northern foothills. Its southern foothills have three main fields: Waterton, Carbondale, and Burmis. The Company also has a production facility in the Northern Foothills of Alberta and in Northern BC.


TSX:PEA - Post by User

Post by noname99on Jan 28, 2022 10:21am
234 Views
Post# 34370936

Ukraine dispute opens door for Goldboro LNG exports from N.S

Ukraine dispute opens door for Goldboro LNG exports from N.S

The dispute between Russia and the West over Ukraine could revive a shelved liquefied natural gas project in Nova Scotia.

Natural Resources Canada confirmed that on Wednesday officials from Canada and Germany met virtually to discuss the project.  

These “natural energy allies,” according to Natural Resources Canada, discussed “building a low-emissions energy future with a view to achieving carbon neutrality by 2050.

Stakeholders from both countries were also in attendance, including representatives of Calgary’s Pieridae Energy Ltd., who presented their revised Goldboro concept to potential German partners.

James Millar, Pieridae’s director of external relations, said in an email that the Alberta company now is looking at a less-costly floating liquefication plant “much smaller project than the original, land-based Goldboro LNG.

Pieridae announced last June it was putting Goldboro on hold, citing “pandemic-led disruptions” which have “made the current version of the project impractical.”

The floating platform would be moored off Goldboro, north east of Halifax, N.S., where Pieridae owns the land. Natural gas piped in from Alberta would be liquefied aboard the vessel, then loaded on LNG tankers for export.

Royal Dutch Shell pioneered the floating LNG concept with its mammoth 600,000-tonne Prelude FLNG vessel, now in the Indian Ocean, off the north coast of Australia.

The Prelude has had startup issues, including a fire in December that halted operations.

Pieridae is considering a much smaller vessel and could build or lease an existing ship, equipped with liquefaction technology. A decision on what course to take would come once the project is more firm, Millar said.

Sensitive to environmental issues, Pieridae now includes an ESG — environmental, social and governance  — report with its financial results and is exploring carbon capture and storage, as well as blue hydrogen production.

Environmentalists note that carbon capture and storage technology has not proven to be effective.

The idea of getting Canadian gas to Europe is looking even better right now due to the political unrest between Russia and the Ukraine, high prices for the foreseeable future and security of supply issues dogging Europe,” Millar said.

Stable Canadian natural gas can offer a longer-term solution to help solve these issues.

Millar also said Pieridae, as an ESG operator, would use conventional, non-fracked, natural gas, producing “net negative CO2 emissions as we are advancing our carbon capture and storage project.”

And Pieridae is “hopeful the Mi’kmaq (First Nation) have a strong involvement in the project as that is very important to us.

The United States and the European Union are threatening punishing sanctions should Russia invade Ukraine.

Russia, which has stationed at least 100,000 troops within striking distance of Ukraine, insists no invasion is foreseen. Should that plan change, triggering Western sanctions, Russia holds a punishing trump card. Germany relies on natural gas from Russia.

Cutting that supply could cripple the German economy.

 Talks are planned in Washington next week between the Emir of Qatar, Sheikh Tamim bin Hamad al-Thani, and U.S. President Joe Biden, about supplying LNG from Qatar to Germany, according to a Reuters report.

Nature Qubec, an environmentalist organization, suggests that rather than seeking new sources of natural gas, Germany, and other countries dependent on fossil fuels should use this opportunity to switch to renewable energy.

“We maintain our position that fossil fuels are not a transition energy,” said Nature Qubec spokesperson Anne-Cline Guyon.

“We are late,” Guyon said, noting that while leaders talk about transition away from hydrocarbons, “the reality is that we are not advancing fast enough.”

She proposed more efficient use of energy and transition to an economy based on renewables.

“Fossil is finished,” Guyon said, suggesting other jurisdictions should follow Quebec’s commitment to ban oil and gas exploration and production in the province.

“It’s the only way,” Guyon said.

The initial Goldboro project would have required an expansion of the existing Trans Qubec & Maritimes Pipeline portion of the transmission network from Alberta to Nova Scotia.

“We won’t let that happen, Guyon said. “Opposition (to pipeline projects) is extremely strong in Quebec.”

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