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January 4
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National Energy Board (NEB) plans to open hearing Jan 11 on a Dome Petroleum application to construct a 2,000-mile liquids pipeline; the line would ship Canada's first ethane exports
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January 10
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Ministers from Iran, Iraq, Kuwait, Quatar, Abu Dhabi and Saudi Arabia meet with Western oil companies for price renegotiations
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January 14
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NEB rejects Alberta's request for changes to its 30-year surplus formula
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January 17
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Alberta Premier Peter Lougheed announces the Energy Resources Conservation Board (ERCB) will hold the provinces' first hearing into field gas prices
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January 21
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Ranger Oil says its first North Sea test will be spudded in early February
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February 4
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St. Joe Minerals acquired 55% of Candel Oil Ltd., a subsidiary of Sohio Petroleum, for $28 million
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February 9
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Dome announces a minimum five-year Arctic exploration drilling program beginning in fall
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February 16
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Canadian Petroleum Association tells ERCB field price hearing that gas prices are too low
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February 22
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Canadian Development corporation picks Ottawa's 45% interest in Panarctic Oils and a 100% interest in Polymer Corp. as its first acquisition targets; Ottawa announces it will be ready to accept bids on a Mackenzie Valley gas pipeline by year-end
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February 25
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Panarctic records first sizeable Arctic oil discovery at Romulus C-42 on Ellesmere Island
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April 17
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ERCB grants incentive allowables
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Arpil 19
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Pacific Northern Gag asks B.C. Public Utilities Commission to approve a line from Powell River to Vancouver Island
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April 25
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Industry is startled by a hew Alberta natural resource revenue plan calling for an increase in oil revenues of $50-90 million
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May 3
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Federal Revenue Minister Herb Gray recommends establishing a review process for foreign takeovers of Canadian firms
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May 5
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TransCanada Pipelines Limited obtains NEB approval for a $407 million expansion
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May 12
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American President Nixon approves 780-mile pipeline from Prudhoe Bay to Port Valdez, disappointing Canadians who pushed for a Mackenzie Valley route
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August 1
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Newfoundland offshore policy claims full ownership and jurisdiction over the continental shelf
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August 22
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Arab and Persian Gulf states near agreement with oil companies on 20% participation in company operations in their countries
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November 17
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Lougheed reveals new two-tiered gas price system - one for Albertans through a rebate system and the other for exports out of the province
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