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January 3
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Chevron Standard completed testing of Hibernia P-15 discovery well which shows production capability of over 200,000 barrels a day and turns over operatorship to Mobil Oil
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January 10
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Hiram Walker-Gooderham and Worts reached and agreement to merge with Consumers Gas Co in a deal worht $1.3 billion
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January 21
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Federal Energy Minister Ray Hnatyshin announces an increase in the Toronto City gate gas price to $2.30 per million Btu on Feb 1 and to $4.47 per million Btu for export gas to the United States
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February 1
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Major issue of the federal election is energy- how much oil should cost, who should pay for it and who should control industry
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April 9
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Ottawa announces super depletion allowances for frontier exploration will expire and be replaced by new incentives
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April 14
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Federal Throne Speech re-affirms policy of increasing Canadian industry ownership to 50% by 1990 and promises a "made-in-Canada" oil price, a new oil and gas act and preferred treatment for Petro-Canada and Canadian companies
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May 16
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Lalonde plans a "massive program of energy substitution" to lower oil consumption, including extension of the national gas pipeline network to Quebec City and the Eastern Townships
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May 22
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World oil price tips $30 (US) a barrel following Saudi Arabia's $2 a barrel increase in its benchmark crude to $28
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July 31
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Alberta announces a unilateral price increase of $2 a barrel to $16.75, effective Aug 1
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August 5
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Ottawa establishes Petroleum Monitoring Agency to examine industry's performance, including extent of Canadian Ownership
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August 26
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Alberta licenses three wells which may be used in a constitutional battle with Ottawa if energy negotiations fail; the province challenges the right of one government to tax another under the BNA Act
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October 28
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Ottawa shocks industry by unveiling its National Energy Program (NEP); the program included new taxes, off-oil programs and a Petroleum Incentives Program
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November 19
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Imperial suspends Cold Lake after spending $120 million
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December 12
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Bulletin survey finds many oil companies plan to increase investments in the US due to the NEP
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December 16
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OPEC hikes prices $2-4 a barrel, bringing the Saudi benchmarkto $32 (US) a barrel
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December 22
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British Columbia says it will withhold payment of the federal gas tax on domestic sales pending a possible court case
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