Shell sells gas assets to Canada’s Pieridae Energy

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A Canadian energy company, Pieridae Energy said it will buy gas assets from Royal Dutch Shell for a transaction value of $144.77 million.

Located in Alberta region, consist of all of Shell’s midstream and upstream assets in the southern Alberta Foothills area.

Pieridae said the field can produce up to 29,000 barrels of natural gas, natural gas liquids and condensate. The deal will also see the Canadian company buying three sour gas plants.

Commenting on the transaction, Pieridae Chief Executive Alfred Sorensen, said:

“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.”

Shell said: “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.

However, Pieridae said it will retain workers of Shell working on the assets.