Saskatchewan Oil & Gas Corporation

Last updated
SaskOil
Company type Crown corporation (1974-1986)
Public company (1986-1997)
Industry Oil/natural gas
Successor Nexen
Headquarters Regina, Saskatchewan, Canada
Products Oil/natural gas

Saskatchewan Oil & Gas Corporation, also known as SaskOil, was a Canadian Crown corporation owned by the Government of Saskatchewan from 1973 to 1986, when the company went public under the name Wascana Energy Inc. In 1987, the last remaining government interest in the corporation was sold to Canadian Occidental Petroleum and in 1997 it was bought entirely by Canadian Occidental.

Contents

History

Saskatchewan Oil & Gas Corporation, or SaskOil, was established in 1973 by the Government of Saskatchewan as a Crown corporation. [1] It was the first state-owned oil and gas company in North America, founded by Saskatchewan New Democratic Party Premier Allan Blakeney. [2] It was responsible for oil and natural gas exploration, extraction, and marketing in the province of Saskatchewan. [3]

In 1986, Premier Grant Devine from Progressive Conservative Party of Saskatchewan privatized it by selling the majority of the company to the public. [3] Its name was changed to Wascana Energy Inc and shares were made available on the public markets. In 1987, the last remaining government interest in the corporation was sold to Canadian Occidental Petroleum. [4]

In 1997, Talisman Energy initiated a hostile takeover of Wascana Energy. [5] However, Canadian Occidental (later known as Nexen and now CNOOC International) countered this as a white knight and responded with a higher bid, which was supported by Wascana Energy's board of directors. [6] [7]

Operations

In 1997, Wascana was one of the top three oil and gas producers in Canada, producing 115,000 barrels of oil equivalent in Northern Canada and 264,000 worldwide, [6] with international interests in Venezuela and Algeria. [5]

Related Research Articles

<span class="mw-page-title-main">Regina, Saskatchewan</span> Capital city of Saskatchewan, Canada

Regina is the capital city of the Canadian province of Saskatchewan. The city is the second-largest in the province, after Saskatoon, and is a commercial centre for southern Saskatchewan. As of the 2021 census, Regina had a city population of 226,404, and a metropolitan area population of 249,217. It is governed by Regina City Council. The city is surrounded by the Rural Municipality of Sherwood No. 159.

Donald Grant Devine is a Canadian politician who served as the 11th premier of Saskatchewan from 1982 to 1991. He led the Progressive Conservative Party of Saskatchewan from 1979 to 1992 and is one of only two leaders of that party to serve as premier, following James Anderson.

<span class="mw-page-title-main">Occidental Petroleum</span> American oil company

Occidental Petroleum Corporation is an American company engaged in hydrocarbon exploration in the United States and the Middle East as well as petrochemical manufacturing in the United States, Canada, and Chile. It is incorporated under the Delaware General Corporation Law and headquartered in Houston. The company ranked 183rd on the 2021 Fortune 500 based on its 2020 revenues and 670th on the 2021 Forbes Global 2000.

<span class="mw-page-title-main">Sinopec</span> Chinese oil and gas enterprise

China Petroleum and Chemical Corporation, or Sinopec, is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai.

<span class="mw-page-title-main">BP Canada</span> Canadian oil and gas company

BP Canada was a Canadian petroleum company and subsidiary of British Petroleum that existed between 1955 and 1992. The name refers to a group of companies that engaged in various segments of the petroleum industry lifecycle. BP entered the Canadian market in October 1953, when it purchased a 23 percent stake in the Triad Oil Company. In 1955, BP formed a Canadian subsidiary, based in Montreal, called BP Canada Limited. The company began acquiring retail stations in Ontario and Quebec and in 1957 started construction on a refinery in Montreal. By the end of the 1950s BP Canada was a fully-integrated operation. In 1964, it acquired from Cities Service the Oakville Refinery, and then expanded its operations significantly in 1971 when it acquired Supertest Petroleum.

Invest in Canada is an arms-length Government of Canada organization that promotes and attracts foreign direct investment into Canada. It was created through the Investment Canada Act and launched on March 12, 2018 as a departmental corporation.

<span class="mw-page-title-main">CNOOC Petroleum North America</span> Chinese oil and gas company, Alberta, Canada-based subsidiary of CNOOC

CNOOC Petroleum North America ULC, formerly known as Nexen, is a Canadian oil and gas company based in Calgary, Alberta.

Talisman Energy Inc. was a Canadian independent petroleum company that existed between 1993 and 2015. The company was created from the assets of BP Canada after British Petroleum divested its 57 percent stake in June 1992. It was one of Canada's largest independent oil and gas companies, and operated globally, with operations in Canada and the United States of America in North America; Colombia, South America; Algeria in North Africa; United Kingdom and Norway in Europe; Indonesia, Malaysia, Vietnam, Papua New Guinea, East Timor and Australia in the Far East; and Kurdistan in the Middle East. Talisman Energy has also built the offshore Beatrice Wind Farm in the North Sea off the coast of Scotland.

Saskatchewan Power Corporation, operating as SaskPower, is the principal electric utility in Saskatchewan, Canada. Established in 1929 by the provincial government, it serves more than 550,000 customers and manages nearly $13 billion in assets. SaskPower is a major employer in the province with over 3,100 permanent full-time staff located in approximately 70 communities.

The Saskatchewan Research Council (SRC) is a provincial treasury board crown corporation engaged in research and technology development on behalf of the provincial government and private industry. It focuses on applied research and development projects that generate profit. Some of its funding comes from government grants, but it generates the balance from selling products and services. With nearly 300 employees and $137 million in annual revenues, SRC is the second largest research and technology organization in Canada.

<span class="mw-page-title-main">Petroleum industry in Canada</span>

Petroleum production in Canada is a major industry which is important to the overall economy of North America. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer and fourth largest oil exporter. In 2019 it produced an average of 750,000 cubic metres per day (4.7 Mbbl/d) of crude oil and equivalent. Of that amount, 64% was upgraded from unconventional oil sands, and the remainder light crude oil, heavy crude oil and natural-gas condensate. Most of the Canadian petroleum production is exported, approximately 600,000 cubic metres per day (3.8 Mbbl/d) in 2019, with 98% of the exports going to the United States. Canada is by far the largest single source of oil imports to the United States, providing 43% of US crude oil imports in 2015.

SaskEnergy Incorporated is a Crown corporation of the Saskatchewan government, responsible for delivering and selling natural gas to residential, commercial, and industrial customers in the province of Saskatchewan, Canada. The company owns 70,000 kilometres of distribution pipelines, 15,000 kilometres of transmission pipelines, and serves over 405,000 customers. It is governed by The SaskEnergy Act and is the designated subsidiary of Crown Investments Corporation of Saskatchewan.

<span class="mw-page-title-main">Dustin Duncan</span> Canadian provincial politician

Dustin Duncan is a Canadian politician. He is the Saskatchewan Party member of the Legislative Assembly of Saskatchewan for the constituency of Weyburn-Big Muddy. Duncan was first elected in a 2006 by-election when he was 26 years old.

Tim McMillan was a Canadian politician. He was elected to represent the electoral district of Lloydminster in the Legislative Assembly of Saskatchewan in the 2007 election and the 2011 election. He was a member of the Saskatchewan Party.

Korea National Oil Corporation (KNOC) is the national oil and gas company of South Korea and one of the most important industrial companies in the country. The company has operated and continues to operate oil and gas fields in Vietnam, Peru, Indonesia, Nigeria, Yemen, Kazakhstan, Russia, China, Canada Venezuela, the United Kingdom and South Korea.

Crown corporations in Canada are government organizations with a mixture of commercial and public-policy objectives. They are directly and wholly owned by the Crown.

<span class="mw-page-title-main">Dana Petroleum</span>

Dana Petroleum Limited is an oil and gas exploration and production company based in Aberdeen, Scotland. Its activities are focused on the North Sea, Africa and The Middle East. It is a subsidiary of the Korea National Oil Corporation and is a former constituent of the FTSE 250 Index.

<span class="mw-page-title-main">Canadian petroleum companies</span>

Although there are numerous oil companies operating in Canada, as of 2009, the majority of production, refining and marketing was done by fewer than 20 of them. According to the 2013 edition of Forbes Global 2000, canoils.com and any other list that emphasizes market capitalization and revenue when sizing up companies, as of March 31, 2014 these are the largest Canada-based oil and gas companies.

Pembina Pipeline is a Canadian corporation that operates transportation and storage infrastructure delivering oil and natural gas to and from parts of Western Canada. Since 2003, storage has also included ethylene at one location. Western Canada is the source of all products transported by Pembina pipeline systems which include the Syncrude pipeline, Horizon pipeline, and Cheecham oilsands pipelines.

<span class="mw-page-title-main">China National Offshore Oil Corporation</span> Chinese national oil company

China National Offshore Oil Corporation, or CNOOC Group, is the third-largest national oil company in China, after CNPC and China Petrochemical Corporation. The CNOOC Group focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China, along with its subsidiary COOEC.

References

  1. Polczer, Shaun (2010-03-30). "Nexen to sell legacy assets". Calgary Herald. Retrieved 2010-05-10.
  2. "SASKOIL". Encyclopedia of Saskatchewan University of Regina . Retrieved 2012-06-18.
  3. 1 2 "Saskatchewan Public Enterprise - History". Crown Investments Corporation of Saskatchewan. Retrieved 2010-05-10.
  4. "Investment Profile". Crown Investment Corporation of Saskatchewan. Archived from the original on 2004-01-07. Retrieved 2010-05-09.
  5. 1 2 "TALISMAN ENERGY SEEKS TAKEOVER OF WASCANA". The New York Times. 1997-02-13. Retrieved 2010-05-10.
  6. 1 2 "CanadianOxy announces intention to bid For Wascana-Cash offer to be $20.50 per share". TheFreeLibrary.com. Business Wire. 1997-03-18. Retrieved 2010-05-10.
  7. "CANADIAN OCCIDENTAL WINS BATTLE FOR WASCANA ENERGY". The New York Times. 1997-04-10. Retrieved 2010-05-10.