History of Canadian Oil Patch since 1973

Government/Market

OPEC formed

1960

Yom Kippur war leads to Arab oil embargo

1973

Foreign Investment Review Agency created

1973

Petro-Canada is created and then privatized

1973 - 1991

National Energy Program: "made in Canada" measures, then dismantled

1980 - 1985

Crude oil prices deregulated through the Western Accord

1985

Beginning of Canadian natural gas deregulation

1985

Income trusts created for favorable tax benefits then disappear

1986 - 2006

World oil price drops 50%

1986

Canada signs North American Free Trade Agreement with United States and Mexico

1994

China emerges as energy importing giant

2003 - 2009

Oil price shock with drop from $147 to $32

2008

Alberta Royalty Regime

2009

Investment Canada policy limiting foreign investment in Oil Sands

2012

Average annual oil price exceeds $100/barrel?

2013

Industry

Great Canadian Oil Sands uses bucket-wheel excavator system for surface mining

1967

Alberta Oil Sands Technology and Research Authority is created

1974

Steam-assisted gravity drainage (SAGD) invented by U of Calgary's Roger Butler

1978

Cyclic Steam Stimulation (CSS) is used by Imperial Oil at Cold Lake- in-situ

1985

Technology reduces cost of producing barrel of upgraded crude from $35 to $13

1986

Exxon Valdez spill in Prince WIlliam Sound Alaska

1989

Use of CHOPS recovery methods increase as pumping technology improves

1997 - 1999

SAGD commercialization- EnCana's Foster project begins production

2001

Bitumen production exceeds that of conventional crude in Alberta

2002

N.A. unconv. gas supply accelerates through horiz. drilling and hydr. fracturing

2003

Unconv. light oil using gas technologies accelerates

2005

Oil sands surpasses one million barrels/day

2006

Alberta 1st jurisdiction in N.A. with mandatory GHG targets for large emitters

2007

BP spill in Gulf of Mexico

2010

Enbridge Kalamazoo line 6B spill

2010

SAGD- Diversification & Modularization

2012

Social & Environmental

West coast drilling moratorium

1972 - 2013

Berger Mackenzie Valley inquiry- lack of aboriginal social resilience

1974 - 1977

Mackenzie Valley pipeline moratorium

1977 - 2011

Aboriginal rights enshrined with repatriation of the constitution

1982

Regional Air Quality Coordinating Committee formed to monitor oilsands air

1987

Kyoto agreement

1997

Canada ratifies then withdraws from Kyoto agreement

2002 - 2011

Al Gore's An Inconvenient Truth is released

2006

Northern Gateway pipeline opposition

2010

Gateway hearings- spill risk off oil & unresolved treaty rights

2011

Obama rejects Keystone XL proposal

2012

Joint Canada-Alberta Plan for Oil Sands Monitoring

2012

Lower Athabasca Regional Plan

2012