May 20 2008
Excalibur Energy (USA) Inc., a 50/50 joint venture company between Canadian Superior Energy Inc. and Global LNG Inc., a New York based privately held company, announced today the launch of its $550 million Liberty Natural Gas Transmission Project as a new source of natural gas to meet the growing energy demands of the Northeast region. Liberty Natural Gas will be a deepwater pipeline system that receives gas fifteen miles offshore New Jersey, which subject to regulatory approvals, is expected to begin to deliver up to 2.4 billion cubic feet per day of natural gas by late 2011.
Speaking in Jersey City today from Excalibur's head office, Roger Whelan, President and Chief Executive Officer of Excalibur, said, "We are launching our Liberty Natural Gas Project to meet the growing energy needs of the Northeast US by delivering clean, safe and efficient natural gas to New Jersey without compromising safety or the clean waters off the Jersey shore. We will not create any unsightly infrastructure visible from the shore. Energy shortages will occur over the next few years unless new energy supplies are provided before 2012. The US Energy Information Administration projects that the region's growing population will need an additional 30% more energy in the coming decades relative to the current demand, with energy shortfalls beginning as soon as 2012. On shore, Liberty Natural Gas would reach consumers through existing or expanded natural gas infrastructure."
Whelan further commented, "We believe the Liberty Project is the energy project of choice and has the public's concerns in mind. Our Liberty Project has been developed over the last two years and included an independent survey of 1,000 New York and New Jersey residents and discussions with several key stakeholders in the area. We believe we have identified the optimal low impact energy supply solution for the Northeast region." Whelan continued, "Liberty Natural Gas has been planned with great care for the air, greenhouse gases, the water, marine life, and equally important, the safety of our workforce and local residents in the region. This project is essentially an offshore pipeline which will provide approximately $550 million of new investment and needed jobs in the New Jersey area to provide the area with clean, safe and efficient energy. There are about 190,000 miles of onshore and offshore interstate gas pipelines in the US; so, our approach is not groundbreaking in the use of natural gas, but rather how we safely reach this rapidly growing and important market to the US using a simple design. Liberty Natural Gas is a bellwether project for the region. Excalibur's management has a full complement of natural gas development and commercial structuring experiences and the integrated team that we have assembled for this project is one of the best, if not the best in the Nation."