Plans to develop the only liquefied natural gas (LNG) plant in Florida are being scrapped as a result of increased domestic LNG production, reports Bloomberg.

Port Dolphin Energy LLC is canceling development of its 1,200 million cubic feet a day port in Manatee County due to a small number of buyers and “catastrophic changes” in the market, according to Bloomberg via the Houston-based developer.

The proposed project would have involved the conversion of imported LNG to gas in a vessel off the Florida coast, followed by the shipment of the converted gas to land via an undersea pipeline, the Bloomberg report added.

Due to increasing domestic supplies, the U.S. is projected to become a net exporter of LNG by 2017, according to Bloomberg via the U.S. Energy Information Administration.