Liberty Offshore Potential. Liberty holds permits WA-314 and WA-315 in the Browse Basin offshore area known as the North West Shelf--one of the most prolific gas provinces in the world. Approximately 100 Trillion Cubic Feet of gas has already been discovered with one of the largest accumulations existing at the famous Scott Reef Field; just three kilometers south of Liberty’s WA-314 and WA-315 blocks. The North Scott Reef well has a calculated open flow potential of 187 million cubic feet of gas per day and 2,000 Barrels of Condensate per day. Recent seismic interpretation done by farmin partner Karoon Gas indicates structural features underneath WA-314 and WA-315 with similar closure size to Scott Reef.
Liberty Petroleum Natural Gas. Natural gas is an energy source widely regarded as clean, safe, flexible, economic, environmentally acceptable and abundantly available. It has become the fuel of choice throughout the world for household and business energy needs. With worldwide demand for liquefied natural gas expected to double by 2010, Liberty Petroleum is positioning to significantly increase gas sales internationally.

The global trade in LNG is expected to more than double by 2010. It is estimated that the world will need another four or five new production trains every year to meet this demand. Demand for LNG in Asian markets is expected to grow by 80 per cent in the next decade, while in the United States growing demand and declining alternative sources of energy are likely to result in a doubling of LNG imports.

This will be particularly noticeable in California, where 90 per cent of natural gas is imported and a considerable shortfall is predicted unless new production and importing facilities can be constructed.