Canadian Oil & Gas History

1978 Highlights

February 24 Shell Canada forms consortium with 10 other companies to promote a third Athabasca tar sands plant
June 8 A Northwest Alaskan application to import Canadian gas from PanAlberta Gas is approved by the United States Federal Energy Regulatory Commissin
June 30 Alberta Gas Trunk Line confirms 35% ownership of Husky shares
August 15 Pan-Alberta completing gas purchase contracts to serve 1.04 billion cubic feet per day in short-term exports to Northwest Alaskan
September 11 Dome Petroleum stock climbs amid rumours of Beaufort Sea strike - Dome stock nears $105 per share before falling back to $95
October 23 Q&M Pipe Lines file with NEB for service to Montreal and the North Shore by 1980 and full service to 130 communities by 1982
November 28 Prime Minister Pierre Trudeau and Alberta Premier Peter Lougheed agree to postpone a $1 per barrel hike in domestic oil prices scheduled for January 1, 1979, until July 1, with a second $1 increase January 1, 1980
December 4 Ottawa and Alberta step back from an oil price confrontation as Ottawa confirms increases for July and January, 1980
December 18 OPEC announces a 14.5% price increase for 1979 with increases in four stages beginning Jan 1