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January 8
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Construction on the $3-billion Sable Offshore Energy Project was officially launched today, about 30 years after the first Sable Island well was drilled
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January 16
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The Canada-Newfoundland Offshore Petroleum Board has given the green light to the estimated $2-billion Terra Nova project
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February 3
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The January 1998 average for West Texas Intermediate crashed to $16.73 (U.S.) per bbl - the lowest monthly average since April 1994, when it was $16.33 |
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April 17
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Syncrude Canada Ltd. marked a production milestone as it shipped the billionth bbl of its sweet blend - the first oilsands producer to do so - almost six years ahead of schedule |
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June 2
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United States energy companies have kicked off a multibillion-dollar shopping spree for Canadian companies, and analysts say conditions are ripe for the cross-border takeover binge to continue
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July 3
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TransCanada PipeLines Limited and NOVA Corporation completed their merger, the largest ever undertaken by energy companies in Canada, and began trading in Canada today |
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July 8
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The June 1998 average for West Texas Intermediate plunged to $13.67 (U.S.) per bbl - the lowest monthly average in over a decade and a drop from $14.93 in May
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July 30
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A spate of mergers and acquisitions in the drilling industry has established two powerhouses - Precision Drilling Corporation and Ensign Drilling Inc.
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September 10
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A man accused of bombing an oil well near Hinton, Alberta, is disappointed the charges against him and three others were withdrawn Wednesday due to a lack of evidence
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September 22
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Downstream earnings and stable natural gas prices prevented a complete disaster, but most companies couldn’t overcome the collapse in world oil prices
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October 7
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IPL Energy Inc. investors overwhelmingly approved a name change for the company to Enbridge Inc. at a special meeting of shareholders in Calgary
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November 2
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Iraq’s decision to abandon all co-operation with United Nations arms inspectors lifted ailing world oil prices |
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December 1
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After days of confirming talks, Exxon Corp. and Mobil Corp. - the number one and two largest United States oil companies - announced they will tie the knot in a deal estimated at $76.5 billion (U.S.) |
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December 18
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Industry icon "Smilin" Jack Gallagher died this week of cancer at the age of 82
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December 31
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Today’s $55-billion (U.S.) merger of British Petroleum Plc and Amoco Corp. make the new entity, BP Amoco Plc, the largest company in Britain and one of the world’s top three oil majors
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