CALGARY, Alberta, Jan. 16 (UPI) -- The Canadian government said exports of natural gas to the United States were 5 percent lower year-on-year thanks in part to the U.S. shale boom.
Pipeline exports to the United States averaged 7.3 billion cubic feet per day during the first 10 months of last year, a 5 percent decline from the same period in 2013.
"Exports have declined steadily since 2008," the National Energy Board said in a Thursday release. "A combination of factors contributed to this, the largest being the emergence of highly productive shale gas plays in the U.S. located close to markets traditionally served in part by Canadian exports."
Canadian leaders have said that, with the United States relying more and more on its own energy reserves, it's time to start courting potential Asian consumers.
Analysis published last week by energy consultant group Wood Mackenzie found demand for liquefied natural gas, which Canada would need to reach overseas markets, hasn't materialized in Asia as expected.
Chinese demand growth, data show, wasn't as great as expected and demand from South Korea "fell considerably."
Oil prices are off about half of their June value because of oversupply, largely the result of production from the United States.
The low price market for crude is already creating problems for energy companies working in the Canadian market. Encana Corp. said it closed on an already announced sale of some of its acreage in Alberta for around $500 million.
Sherri Brillon, the company's chief financial officer, said the company was determined to move through 2015 without incurring any more debt.
"We continue to competitively position ourselves to thrive throughout the commodity price cycle," she said in a statement.
Meanwhile, Jonathan Denis, leader of the Alberta legislature and solicitor general, said the provincial government was reviewing plans to balance the books by making what he said were tough choices.
"As we move ahead with our government's agenda, the spring session will focus on stabilizing Alberta's finances by way of a long term plan to offset the volatility of provincial revenue streams," he said.
