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Canada's Pieridae Energy shuts-in production amid low natgas prices

Reuters
·1 min read

(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.

The production is expected to be completely shut in by July 26, Pieridae added.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Alan Barona)