Saskatchewan Oil & Gas Corporation

Saskatchewan Oil & Gas Corporation, also known as SaskOil, was a Canadian Crown corporation owned by the Government of Saskatchewan from 1973-1986, after which 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.

SaskOil
TypeCrown Corporation (1974-1986)
Public Company (1986-1997)
IndustryOil/Natural Gas
SuccessorNexen
HeadquartersRegina, Saskatchewan, Canada
ProductsOil/Natural Gas

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]

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. "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. "TALISMAN ENERGY SEEKS TAKEOVER OF WASCANA". The New York Times. 1997-02-13. Retrieved 2010-05-10.
  6. "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.
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