Canadian energy company Pieridae has announced the abandonment of its plans to build the Goldboro LNG export project in Nova Scotia. The decision was revealed in the company's financial and operating results for the third quarter of 2023. Pieridae has initiated a process to sell its Goldboro subsidiary, including associated assets, licenses, and permits, as well as 267 acres of undeveloped coastal industrial land in Nova Scotia.

Cash proceeds from the sale will be directed towards repaying existing indebtedness, particularly the bridge term loan. The company anticipates concluding the sales process in the first half of 2024. This move marks Pieridae's strategic shift away from East Coast LNG towards a focus on natural gas production and processing in Alberta.

The Goldboro LNG project, situated in Guysborough County, Nova Scotia, included plans for an LNG processing facility, storage tanks, and marine works. The facility aimed to produce approximately 10 million metric tonnes of LNG annually, with on-site storage capacity for 690,000 cubic meters of LNG. Pieridae had a 20-year agreement with German utility Uniper for the volumes from the first Goldboro liquefaction train, intending to commence commercial LNG deliveries between August 2025 and February 2026.

This decision follows a broader trend, as another Nova Scotia-registered company recently halted progress on an LNG project on the Strait of Canso, pivoting towards the construction and operation of a green hydrogen and ammonia facility.