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January 4
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1989 was the second-lowest year of the decade for new wells, with producers licensing 6,432 wells during the year, compared to 13,400 licences in 1985
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January 16
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Imports of Canadian gas into the United States jumped to 101.49 bcf in the third quarter of 1989, compared to 61.2 bcf in the same period of 1988
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January 26
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Nova Corporation of Alberta shipped record volumes in 1989 totalling 2.83 tcf. The company said it expects a three per cent increase in 1990 |
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February 20
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Natural gas prices will rise to $3 in 1990 and $4 in the near future, predicted Amoco Corporation's chief economist |
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February 22
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The federal government announced plans to sell about 15% of Petro-Canada |
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February 23
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Petro-Canada chairman Bill Hopper formally apologized for calling the OSLO megaproject "a dog" and "a very poor investment" under "any reasonable price forecast |
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March 7
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British Gas PLC announced an offer to buy Consumer's Gas Company Ltd., Canada's oldest natural gas distribution company, in a friendly bid worth $1.1 billion, or $34 per share |
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March 9
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The Canada-Newfoundland Offshore Petroleum Board announced that 14 offshore parcels covering 35 000 square kilometres would be available for work bids in 1990 |
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March 14
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The Alberta government announced that it would sell its 16.74% interest in Syncrude Canada Ltd. |
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March 15
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While horizontal drilling is making inroads in Western Canada as an important development tool, companies using the technology say it is still too early to determine whether it is economically viable
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March 28
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Alberta's synthetic crude oil output could double through the 1990s if oil prices and government policies remain stable, an Alberta Oil Sands Technology and Research Authority Conference (AOSTRA) heard
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April 11
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The profitability of the Canadian oil and gas industry declined about nine per cent in 1989, although most of the burden was shouldered by a handful of majors; a total of 17 majors reported profits of $1.07 billion, down from $1.25 billion in 1988 |
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April 12
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Of all wells completed in Western Canada in the first quarter of 1990, exploration wells accounted for 53%. Exploratory drilling totalled 752 wells, resulting in 90 oil discoveries and 325 gas finds |
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April 19
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A DOB survey confirmed a resurgence of oil and gas capital spending in 1990, provided oil prices stabilize around $19.41 per bbl |
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April 20
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Imperial Oil Limited agreed to sell its 22.8% stake in Interhome Energy Inc. to Gulf Canada Resources Limited for $492 million, facilitating a combination between Gulf and Interhome subsidiary Home Oil Company Limited |
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May 8
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The American public believes natural gas should play a larger role in that country's energy strategy, but is concerned about industry's ability to obtain adequate supply and use it efficiently, according to a Department of Energy (DOE) report |
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May 11
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Alberta's Energy Conservation and Review Board (ERCB) wrapped up applications from Shell Canada Ltd. and Husky Oil Operations Ltd. to develop the Caroline sour gas field |
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June 8
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Total proved reserves of the top 40 Canadian oil and gas companies grew about eight per cent in 1989
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June 18
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OPEC president Sadek Boussena of Algeria warned cartel members oil prices could collapse if members do not abided by pledges to cut production - West Texas Intermediate fell to $16.25 per bbl on the minister's comments
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June 28
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Alberta Crown land prices rose 24% in the first half to about $204 per hectare |
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July 26
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Oil prices could hit $20 (U.S.) per bbl by the end of the year and even sooner if OPEC cuts production, analysts said. That would mean an additional $2.50 per bbl from the current price
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July 31
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Despite little improvement in gas prices, gross gas export revenue grew seven per cent in the first seven months of the contract year to about $1.95 billion from $1.82 billion in the similar seven-month period of 1989, the National Energy Board said |
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August 2
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Iraq's invasion of Kuwait sent world oil prices soaring by about $2-$3 (U.S.) per bbl amid fears supplies would be disrupted
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August 20
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Iraq warned fellow OPEC members not to increase production or face retaliation, as Canadian refiners tacked another eight per cent to posted prices
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August 23
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U.S. crude oil futures hit $32 per bbl for the first time since 1983 as tensions in the Middle East continued to escalate
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September 5
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The federal government said it had resolved all outstanding issues related to the Hibernia project on Canada's East Coast
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September 18
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Esso Petroleum Canada and Petro-Canada raised their posted prices to the highest levels since 1986, at $38.93 per bbl
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September 24
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Iraqi dictator Saddam Hussein vowed to strike at Middle East oilfields and Israel in response to United Nations sanctions - Canadian posted prices broke through the $40 per bbl mark while NYMEX soared to $35.43 per bbl, a new record
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October 15
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After nine months of drilling, Renaissance Energy Ltd. and PanCanadian Petroleum Limited are Canada's top two well operators by metres drilled
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October 23
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Shell Canada slashed nearly $8 per bbl from is posted benchmark oil price on the hopes for a bloodless solution to the Kuwait crisis
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October 30
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Higher oil prices are creating a competitive advantage for Alberta's natural gas-based petrochemical industry |
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November 2
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A federal report recommends a $2 per tonne levy on oil tankers for bulk movement of oil and products in Canadian waters
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November 6
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In Geneva, Switzerland, 18 countries agreed to keep carbon dioxide levels at 1990 levels to curb the threat of global warming
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November 20
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With construction for the Hibernia Project underway, Newfoundland is looking forward to developing other offshore fields such as Terra Nova and Whiterose within the next decade |
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November 26
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Crude oil futures topped $34 (U.S.) per bbl again as the United Nations considered a Jan. 1 deadline for Iraq to withdraw from Kuwait or risk war
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November 27
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Uncertainty in oil financial markets resulted in the cancellation of the proposed merger between Gulf and Home Oil |
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December 7
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Carl O. Nickle, founder of the Daily Oil Bulletin and one of the pioneers of the Canadian oil and gas industry died at the age of 76
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December 13
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The Canadian petroleum industry's net income fell 29% in the first half, and cash flow was down 11%, but higher oil prices in the third quarter brought nine-month cash flow even with last year and pushed net income 14% higher than 1989 |
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December 17
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Preliminary estimates from Statistics Canada suggest oilpatch revenues of $21.65 billion will be up $3.77 billion or 21% from last year
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December 27
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Industry paid nearly $600 million to provincial and federal governments in 1990 to acquire rights to 3.61 million hectares
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