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January 7
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A total of 713 well licences were issued in December, bringing the final licence tally for 1987 to 7,426 — a healthy 24% increase over the 6,001 wells authorized in Canada during 1986
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February 4
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Enthusiasm of Olympic proportions warmed over 2,000 energy industry employees who braved the cold in Calgary to show support for the "Energy Behind The Olympics" rally at Olympic Plaza
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March 17
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Esso Resources Canada Limited plans to acquire substantially all of Ocelot Industries Ltd.’s Alberta oil and gas assets for $290 million plus a potential $80 million earn-out provision
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June 16
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After an eight-month fight and two proxy battles, Nova Corporation acquires Polysar Energy & Chemical Corporation in a deal estimated at $2.19 billion
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June 17
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Petro-Canada says its Terra Nova E-79 delineation well tested crude oil from three separate intervals at a combined rate of some 25,200 bbls per day
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June 21
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The Energy Resources Conservation Board grants Syncrude Canada Limited approval for a proposed $4 billion expansion of its Mildred Lake oilsands plant
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July 8
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An explosion blows apart the Piper Alpha production platform in the North Sea. Two Canadians are among the victims
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July 18
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Nine years after Chevron Canada Resources spudded the Hibernia P-15 discovery well, the federal government and Newfoundland sign an agreement with the five Hibernia partners to develop the field at an estimated cost of $8.5 billion
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September 2
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After one of the "longest running courtships" in Canadian business history, the marriage between Dome Petroleum Limited and Amoco Canada Petroleum Company, Ltd. is completed
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September 2
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The federal, Alberta and Saskatchewan governments and Husky Oil Ltd. will form a $1.27 billion joint venture to build and operate the bi-provincial upgrader at Lloydminster
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September 7
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Crude prices fall to a two year low at $14.24 (U.S.) a barrel as OPEC continues to produce well above quota in the midst of seasonally low demand
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September 22
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Syncrude Canada marks its 10th anniversary with the official opening of a $670 million addition to its plant near Fort McMurray; increasing Syncrude production to 58 million barrels per year
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November 10
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Consumers’ Co-operative Refineries Limited’s upgrader in Regina — Canada’s first heavy and medium oil upgrader — officially opens
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December 20
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Land sales across Canada in 1988 raise $659 million for provincial governments
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