Two more Canadian LNG projects inching towards construction

Two more liquefied natural gas export projects are poised to proceed in Canada over the next six months, setting up what analysts call “a dream scenario” after years of delays.

Both Pieridae Energy Ltd.’s $10-billion Goldboro LNG project in Nova Scotia and Woodfibre LNG’s $1.6-billion project in British Columbia are nearing the finish line in a tight race to be the second LNG project sanctioned in Canada after Royal Dutch Shell Plc and its partners approved the $40-billion LNG Canada mega project on the West Coast earlier this month.

Pieridae expects to receive its construction permits in Nova Scotia this week and close its merger with Calgary-based natural gas producer Ikkumma Resources Corp. in mid- to late-November, “with our view that we will make our FID shortly after that,” president and CEO Alfred Sorensen told the Financial Post.

The project would mark the first LNG project on Canada’s East Coast and, if built, allow Western Canadian natural gas production to be exported to Europe. Sorensen said the company is currently negotiating a pipeline agreement with TransCanada Corp. to use its existing network, which would need to be expanded.

Woodfibre LNG is nearing a decision that would make it the second LNG project in British Columbia. “We’re looking for a notice to proceed to construction in Q1 (of 2019),” company president David Keane said.

Keane said the company is currently working to finalize an impact-benefits agreement with the Squamish First Nation, looking at ways to reduce the project’s costs and seeking relief on anti-dumping tariffs for fabricated industrial components imported from Asia.

Continue reading on Financial Post: https://business.financialpost.com/commodities/dream-scenario-two-more-canadian-lng-projects-inching-towards-construction


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