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January 10
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In one of the wildest trading days in the history of the New York Mercantile Exchange, oil prices slid as U.S.-Iraqi talks to avoid war began, only to spike more than $7 (U.S.) to $31 per bbl for West Texas Intermediate when talks hit an impasse |
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January 17
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Petro-Canada reports a major gas discovery at Klua in northeast B.C. |
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January 17
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The U.S. and its allies launch an overnight surprise attack against Iraq, with wave after wave of planes meeting little resistance and quickly establishing air supremacy
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February 27
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The oilpatch applauds a surprise federal government announcement the National Energy Board’s head office is to be moved to Calgary from Ottawa |
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February 28
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A cease-fire between allied troops and Iraq starts the process of establishing peace and rebuilding the economies and oil facilities of Kuwait and Iraq
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March 25
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Alberta threatens export restrictions or more direct intervention in price talks to pressure California not to unfairly undercut prices for Alberta natural gas
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April 30
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Merger and acquisition activity reached a record high, according to a Sayer Securities Limited report, as companies attempt to reduce overhead and focus on key properties share |
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July 17
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Canadian conventional crude oil reserves drop 6.7% in 1990 as just 27% of production was replaced with new finds, the Canadian Petroleum Association reports
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October 23
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Nova Corporation of Alberta sells its 43% stake in Husky Oil Ltd. to Hong-Kong based Li Ka-shing and his holding company Union Faith (Canada) Holdings Limited for $325 million, giving the Li Ka-shing family of companies 95% ownership of Husky
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December 2
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The long awaited and bitterly contested Iroquois Gas Transmission System linking Ontario and Long Island, New York, opens
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December 10
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Exploration fever returns to Canada’s Arctic as three companies pledge record spending on four parcels in the Mackenzie Delta and Beaufort Sea
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