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January 23
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Oil futures drop below $18.75 (US) per barrel after Saudi Oil Minster Sheik Ahmed Yamani warns prices could fall below $15
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January 29
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Japanese liquefied natural gas project is cancelled
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March 4
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Analysts say $8 per barrel is no longer unthinkable as futures price falls below $13
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March 7
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Ottawa rejects creation of oil floor price
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March 24
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OPEC failure to resolve production pushes spot prices below $11.20
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April 2
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$400 million Alberta program for small explorers includes higher royalty tax credits and exploratory incentives
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April 24
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Over 400 small explorers meet in Calgary to propose a federal cash flow stabilization plan
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May 2
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Saskatchewan oilfield employment program offers service expense deductions and cuts royalties 5-15%
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May 14
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National Energy Board (NEB) adopts 15 year reserves to production surplus test after extensive hearings
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June 5
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Alberta announces $200 million package covering development drilling, well servicing and geophysical data acquisition
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June 18
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NEB opens TransCanada Pipelines to third party shippers, ending its near monopoly on transmission and sale of gas east of Alberta
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June 24
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Mobil wins approval to begin Hibernia development
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August 26
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Ottawa-Nova Scotia accord encourages offshore development and resource sharing on the same basis as other provinces
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September 9
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Petroleum and gas revenue tax removed effective Oct. 1
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September 17
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Home Oil makes Saskatchewan's first significant deep oil find as its North Tableland well near Estevan flows 1,000 barrels per day
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October 23
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Study says price slump could cost 50,000 jobs in Alberta
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October 29
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Alberta announces royalty cuts and tax credit extensions to improve industry cash flow by $1 billion over five years
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October 30
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Sheik Yamani, OPEC's principal powerbroker and architect of Saudi oil policy for 25 years, is removed from office
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