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January 29
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OPEC ministers clash openly at Geneva emergency meeting as prices tumble below $25 (US) for the first time since 1979, the next day OPEC cuts prices as much as $1.41 per barrel, reducing the spread between light and heavy crudes from $4 to $2.40
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February 11
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Newfoundland Accord signed, providing a $300 million offshore development fund (75% from Ottawa) and co-management of resources
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March 29
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Western Accord between Ottawa and the producing provinces ends 11 years of administered oil prices June 1, relaxes oil export restrictions, abolishes five federal taxes from the 1980 NEP and phases out the petroleum and gas revenue tax over four years
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May 2
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Husky's Chebucto K-90 flows aggregate of44 million cubic feet of gas per day and 324 barrels of condensate per day
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May 16
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Mobil and Petro-Canada take over project to ship liquiefied natural gas to Japan after Dome Petroleum pulls out
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May 17
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Commercial production officially begins at Norman Wells
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June 24
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Petro-Canada West Ben Nevis wildcat offshore Newfoundland flows 6,995 barrels of oil per day in best test
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New Alberta royalty incentives program changes old and new oil and gas royalties to 40% and 30% over the next two years and increases Royalty Tax Credit to 75% to maximum of $3 million
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July 11
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Mexico cuts oil prices up to $1.24 per barrel
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July 17
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Royal Commission on Ocean Ranger sinking advises sweeping overhauls to safety regulations, rescue capabilities and weather forecasting
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July 18
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Saskatchewan announces new gas policy to increase self-sufficiency, sets field price at $2.51 per thousand cubic feet
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August 6
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Olympia and York Development buys Chevron's 60% interest in Gulf Canada, pays $2.3 billion for 49.9% and option for 10.3% more
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August 13
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Petro-Canada buys Gulf's downstream assets for $611 million
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August 26
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PanArctic's first 100,00 barrel shipment of Bent Horn crude leaves for Montreal after nearly 20 years of work in the Arctic
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September 16
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Saudi Arabia concludes deals with US majors which could lower oil prices $4 (Cdn) per barrel, netback provisions relating oil prices to market prices for refined products eventually trigger the 1986 price collapse
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October 23
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Cyanamid Canada, twice denied permission to buy Alberta gas directly for its fertilizer plant, applies to build a bypass
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October 31
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Gas deregulation pact between Ottawa and the producing provinces allows buyers and sellers to set their own markets and prices, and removes short term exports restraints effective Oct 31, 1986
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December 9
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OPEC ministers agree to fight with non-OPEC producers for market share but stop short of formally breaking their strategy of restricting production
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December 31
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Gulf's Amauligak I-65 tests oil at 7,208 barrels per day and 7,196 barrels per day from two intervals
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