Pieridae Energy Halts Production Due to Low Natural Gas Prices
7/26/2024
(Reuters) — Canadian energy company Pieridae Energy said on Thursday it has shut-in the production of about 6,250 barrels of oil equivalent per day (boe/d) that flows to a third-party owned and operated facility, in response to low natural gas prices.
Pieridae said the shut-in of the uneconomic sour gas production was due to extremely low AECO natural gas prices and high processing costs.
The AECO hub, located in the Canadian province of Alberta, is one of the largest storage facilities in North America and where the benchmark price for Canadian gas is set.
Production is expected to be completely shut in by July 26, Pieridae added.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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