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January 5
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Crude oil prices enter the year under pressure with North Sea Brent at $17.85 (U.S.) per bbl
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January 8
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Industry licenses 5,283 new wells in Canada in 1992, down four per cent from 1991 and one of the lowest figures in the past two decades |
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January 18
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The federal government announces it will spend $290 million for an 8.5% interest in the $5.2 billion Hibernia oil project offshore Newfoundland
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January 29
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Petro-Canada fires Bill Hopper, chairman and chief executive officer, who had been with the company for 16 years
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February 10
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TransCanada PipeLines Limited and ANR Pipeline Company announce plans to build a new natural gas pipeline from New York State to Massachusetts
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April 1
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Alberta land sales plummet to $177.49 million for the fiscal year April 1, 1992 to March 31, 1993, one of the lowest amounts in two decades
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May 14
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An Energy Resources Conservation Board annual reserves report estimates remaining conventional crude oil reserves in Alberta fell six per cent in 1992 to 442 million cubic metres (2.78 billion bbls)
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June 14
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The Saskatchewan government says horizontal drilling has been a boon for the cash-strapped province, estimating more than 300 horizontal wells would be drilled in the year, up from 212 in 1992
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June 25
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Husky Oil Ltd. reveals it was the mystery buyer who paid $8.21 million for 8,192 hectares ($1,002 per hectare) in Kananaskis on the Eastern Slopes of the Rocky Mountains
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August 31
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Canadian gas producers agree to a new $200 million (U.S.) contract restructuring deal from Pacific Gas and Electric Company
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October 15
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The Alberta government continues its privatization plans by selling five per cent of its interest in Syncrude Canada Ltd. to Murphy Oil Company Ltd. for $150 million
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October 22
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Apportionment on the Interprovincial Pipe Line System Inc. climbs to a record 42% as producers and marketers nominated two million bbls per day of liquids
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October 22
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TransCanada PipeLines Limited receives National Energy Board approval for a $397.3 million expansion to its system in Saskatchewan, Manitoba and Ontario
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October 29
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Interprovincial Pipe Line System Inc. increases its proposed expansion by 45,000 bbls per day to 170,000 bbls a day for a total cost of about $400 million
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November 4
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Edmonton Liberal MP Anne McLellan is appointed energy minister in the new government of Jean Chretien after the overwhelming election defeat of Kim Campbell’s Conservative government |
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November 9
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The ERCB lets the market decide between two proposed natural gas liquids projects at Empress
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November 19
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IPL announces it will buy The Consumers’ Gas Company Ltd. from British Gas PLC for $1.15 billion plus another $45 million in related assets |
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November 29
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London Brent futures briefly fall below $14 (U.S.) per bbl for the first time in five years
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December 15
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The ERCB issues new guidelines for the environmentally-sensitive Eastern Slopes region of southwestern Alberta
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December 21
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Nearly 10,000 wells will be spudded in 1993, more than double the 1992 total of 4,851 after two successive months of more the 900 spuds
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December 22
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Industry spends nearly $732 million this year to acquire 4.1 million hectares of Crown land in British Columbia, Alberta and Saskatchewan
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