Canadian Superior Energy Inc. will participate in the proposed development of a $550 million LNG regasification project, entitled "Liberty Natural Gas," in US federal waters offshore New Jersey. Oversight of the Liberty Natural Gas project will be conducted by Excalibur Energy (USA) Inc., which is a 50/50 joint venture between Canadian Superior and Global LNG Inc. (Global LNG), a Delaware company. The Liberty Natural Gas project will create a safe, expedited, and cost-effective gas importation system for the region. The project consists of LNG regasification fifteen miles offshore New Jersey, fifty miles of offshore natural gas pipeline, and eleven miles of onshore pipeline terminating in Linden, New Jersey. Storage facilities will not be required and the facilities will not be visible once they are installed and, subject to regulatory approvals, the proposed project will begin delivery of up to 2.4 billion cubic feet per day of natural gas by late 2011.
Greg Noval, Canadian Superior's Chairman, said today, "We are very pleased to announce our participation in the Liberty Natural Gas Project which is part of Canadian Superior's overall growth strategy to sell natural gas into the best market in the world. This project comes after several years of work by all those involved and is the project of choice to meet the growing energy needs in the US Northeast region. The Liberty Natural Gas Project will deliver clean-burning natural gas from overseas, including natural gas from the Republic of Trinidad & Tobago and the Government of Trinidad and Tobago has been formally invited to participate in this exciting project."
Trinidad is the No. 1 supplier of liquefied natural gas (LNG) to the United States. Canadian Superior currently has a major natural gas drilling and development program underway in Trinidad with BG International Limited, a wholly owned subsidiary of the BG group plc. Last week, US Energy Secretary Samuel Bodman spoke in Trinidad of boosting ties with Trinidad and Tobago, a Caribbean nation that he reiterated is the No. 1 supplier of liquefied natural gas to the United States. Secretary Bodman said last Tuesday, it was "absolutely necessary" to protect the country's oil and gas pipelines and drilling platforms. Bodman also told business leaders in Trinidad's capital Tuesday that the US hopes to expand its energy partnership with Trinidad beyond natural gas. Trinidad is the Caribbean's second-largest energy producer after Venezuela.
Canadian Superior's Chief Executive Officer, Craig McKenzie, said in Jersey City from Excalibur's head office today, "Liberty Natural Gas was borne out of over two years of design development and several series of stakeholder interviews in the New Jersey and New York areas. Its design is simple and it is basically a natural gas pipeline project with an offshore, anchored submerged natural gas-receiving turret. Impact on all components of the environment and marine life has been carefully considered in our design. Near-shore the pipeline will be directionally drilled so that no surface sediments are disturbed. Onshore the pipeline will be laid within an existing interstate pipeline corridor to Linden, New Jersey. The design capacity is up to 2.4 billion cubic feet per day, which is sufficient to safely satisfy all the growing needs in the area such that multiple projects will not have to be undertaken."
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