Pieridae to buy Shell Canada oil and gas assets for C$190 mn

• Posted in OilGas
• on June 27, 2019
• No Comments.

Canada’s Pieridae Energy will buy oil and gas assets in Alberta from Royal Dutch Shell for C$190 million ($144.77 million), Pieridae said on Wednesday, securing supply for its planned liquefied natural gas plant in eastern Canada.

The deal will consist of all of Shell’s midstream and upstream assets in the southern Alberta Foothills area, which produce 29,000 barrels of oil equivalent per day, including 119 million cubic feet per day of gas.

It will enable Pieridae to secure the remaining supply needed for the first phase of its proposed Goldboro LNG plant in Nova Scotia. If it goes ahead Goldboro will be Canada’s first east coast LNG project, producing 10 million tonnes per annum.

“Not only does this deal help us secure the remaining conventional natural gas supply needed for the first train of the Goldboro LNG project, it makes Pieridae a major player in the Alberta midstream and upstream industry,” said Pieridae Chief Executive Alfred Sorensen.

Shell and its partners are building Canada’s first LNG export terminal in northern British Columbia, but the company has scaled back operations elsewhere in the country, including in Alberta’s oil sands.

Share This