CANADIAN EXPORTS SHOW 1993 GAIN

Canadian oil and gas shipments to the U.S. increased substantially in 1993, the National Energy Board reports. The Ottawa board said crude exports increased 10% and gas exports were up 8.6% from 1992. Crude exports were 926,000 b/d-529,000 b/d of light crude and 397,000 b/d of blended heavy crude. Gas exports totaled 2.2 tcf in 1993, or about 50% of Canadian production, up from 2 tcf in 1992. Exports in 1993 accounted for 11% of U.S. gas consumption. The NEB also reported increases in crude

May 2, 1994

2 min read

Canadian oil and gas shipments to the U.S. increased substantially in 1993, the National Energy Board reports.

The Ottawa board said crude exports increased 10% and gas exports were up 8.6% from 1992.

Crude exports were 926,000 b/d-529,000 b/d of light crude and 397,000 b/d of blended heavy crude.

Gas exports totaled 2.2 tcf in 1993, or about 50% of Canadian production, up from 2 tcf in 1992. Exports in 1993 accounted for 11% of U.S. gas consumption.

The NEB also reported increases in crude imports to supply markets in eastern and Atlantic Canada.

Crude imports rose 14% from 1992. They supplied 96% of crude requirements in Atlantic Canada and 97% of crude requirements in Quebec province. Imports accounted for 36% of Canadian refinery feedstock in 1993.

NEB figures show the value of Canadian oil, gas, and electricity exports rose to $17.9 billion from $15.9 billion in 1992. Meanwhile, the value of energy imports slipped to $5.4 billion from $5.5 billion. The result: a jump in Canada's net energy trade surplus to $12.5 billion from $10.4 billion in 1992.

NEB estimated Canada's remaining reserves of conventional crude at 4.3 billion bbl and remaining marketable gas reserves at 67.5 tcf.

Board figures also showed a healthy increase in exploration in 1993 over 1992. Exploration spending last year climbed to $8 billion from $5.3 billion in 1992. A substantial increase in natural gas exploration in response to market demand was a major reason.