History of Canadian Oil patch since 1980

Events

Berger Inquiry

1974 - 1977

The Berger inquiry examines the social, environmental and economic impact of the proposed Mackenzie Valley pipeline and concludes on a 10 year moratorium.

Kyoto Agreement ratification

1997 - 2002

Agrrement is reached among countries to limit greenhouse gases. This is followed by the Federal Government's ratification.

First year Bitumen production exceeded that of conventional crude in Alberta

2001

271 million bbls versus 264 million bbls

Saskatchewan reduces royalty rates to attract new activity

2002

Threat of Iraq war: gasoline spikes to record high prices in Canada (90c)

2003

Application to build MacKenzie Valley pipeline- estimated cost $7.5Billion

2004

Federal government sells final 19% ownership of Petro-Canada

2004

Natural gas at summer all time high price $10.67/gj

2005

Quebec to introduce Carbon Tax to meet Kyoto obligations

2006

Encana indefinitely delays split due to turmoil in world financial markets

2008

B.C. announces plans to introduce Carbon Tax at consumer level

2008

Encana and Cenovus begin to operate as separate entities

2009

Keystone XL re-routed to avoid environmentally sensitive in Nebraska

2011

CAPP introduces guidelines for hydraulic fracturing to enhance water management

2011

US government rejects Keystone XL proposal

2012

Alberta

Alberta plan to reduce GHG intensity by 12% for major industrial producers

2007

Alberta introduces royalty program

2007

Expected to increase government take by $1.4Billion by 2010

Alberta introduces royalty adjustments for unintended consequences

2008

Additional incentives for deep oil and gas wells

Transitional Royalty Program

2008

To enable companies to choose between old and new program for wells drilled over next 5 years

Alberta royalty credit of $200/metre and royalty reduction for some wells

2009

Starting production 1st of April to 31st March

Alberta government extends incentive programto March 2011 to stimualte activity

2009

Max 5% royalty on first year plus credit of $200/metre

Further changes to royalty system to remain competitive with other jurisdictions

2010

Canadian and Alberta governments plan to expand environmental monitoring

2012

In northeast Alberta oilsands

Plans to cancel some oilsands leases in Conservation areas

2012

Federal

National Energy Program

1980

Introduced by Liberal Government

Deregulation of Oil Prices

1985

Western Accord by Biran Mulroney's Conservative government allowed oil producers to sell at market value

Federal government ratifies Kyoto Agreement

2002

Federal government tax on income trusts resulting in substantial drop in value

2006

Federal government introduces intensity based targets to reduce GHG emissions

2007

Federal government outlines plans for GHG emissions

2008

Deadline for conversion of Income Trusts to Corporations

2010