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January 5
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Libya demands greater re-investment, faster payments and at least a 55% share of oil revenues from foreign oil companies
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January 13
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Ottawa bans exploration in the Georgia Strait
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January 25
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The Shah of Iran, in his first press conference in 12 years, warns of an oil embargo if higher revenue demands are not met
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February 2
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American-controlled Ashland Oil Canada confirms rumours it is discussing a merger with Calgary's Home Oil
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February 4
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OPEC members deliver ultimatum to world oil companies - accept higher prices or the cartel will increase prices unilaterally
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February 15
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Persian Gulf oil states receive price increases demanded
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February 19
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Federal Energy Minister Joe Green rules out Ashland'' takeover of Home Oil because it is foreign controlled
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March 19
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Canadian oil reserves declined for the first time in 20 years in 1970, falling 77 million barrels to 10.4 billion barrels; gas reserves rose 1.4 trillion cubic feet to 53.3 trillion cubic feet
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April 21
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ALYESKA Pipeline Service Company hopes to have permit inplace by fall for pipeline from Alaskan North Slope to Port of Valdez
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April 23
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Consumers Gas Company acquires Home Oil
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May 11
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Alberta's remaining established reserves estimated at 45.4 trillion cubic feet of gas and 7.6 billion barrels of oil
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June 4
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Tenneco plans first drilling in the Labrador Sea
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June 21
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Federal tax reforms replace depletin with an earned depletion allowance of exploration and development expenditures
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June 25
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Mobil reports first discovery in the Canadian Atlantic, gas and condensate flow to the surface at Mobil-Tetco Sable Island E-48
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July 12
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Four U.S. gas corporations front Panarctic Oils $75 million for Arctic exploration in return for shares of potential gas supplies
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August 31
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First Conservative government elected in Alberta
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October 29
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Ottawa refuses to block B.P. Canada's merger with Ontario's Supertest Petroleum Corp. because it will speed refinery expansion in the east
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November 2
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U.S. Commerce Secretary Maurice Stans backs $2.5 billion Trans-Alskan pipeline to Valdez to open route to lower 48 states
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November 22
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After considering three gas export applications, NEB shocks industry by ruling Canada has no surplus gas and a 1.1 trillion cubic feet supply deficiency
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December 3
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Energy Resources Conservation Board approves ethane export applications for Dome and Amoco but reduces requested volumes to 310 billion cubic feet from 432 billion cubic feet because not enough ethane is under contract
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December 8
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Libya nationalizes B.P. Bunker Hunt assests as warning to other oil firms if its demands for 51% participation are not met
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December 17
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ERCB recommends Syncrude Canada's proposed 125,000 barrel per day tar sands project to be approved
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December 28
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Renegotiations of an Alberta gas contract at the Petrogas plant near Calgary increase gas prices by 25% effective Jan 1, 1972
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