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Pieridae to buy Shell Canada gas assets for C$190 mln

By Nia Williams: JUNE 26, 2019 / 10:37 PM

CALGARY, Alberta, June 26 (Reuters) – Canada’s Pieridae Energy will buy 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 natural gas, natural gas liquids and condensate. Pieridae is also buying three sour gas plants.

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 year.

“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.

Pieridae will retain all site-based Shell employees and some Calgary-based employees who support the Foothills assets, Shell said in a statement.

“We are pleased they (the assets) are going to a buyer with a strong focus on safety, community and environmental stewardship, and one that is well placed to take these assets to the next stage of their development,” Shell Canada President Michael Crothers said. ($1 = 1.3124 Canadian dollars)

(Reporting by Nia Williams Editing by James Dalgleish)


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