1975 Parliament passes the Petro-Canada Act, establishing a Crown corporation to create a strong Canadian presence in the oil industry and identify new Canadian energy resources. Petro-Canada takes over federal government interests in Syncrude and Panarctic Oils.
1976 Petro-Canada invests in East Coast exploration programs operated by others, providing funds to pick up the pace of exploration. To gain a base of cash flow and operating expertise, Petro-Canada buys U.S.-owned Atlantic Richfield Canada, adding producing oil and natural gas properties in Western Canada, gas processing facilities, and some oil sands interests.
1978 Syncrude starts up in northeastern Alberta as the world's largest oil sands plant, and ships its first synthetic crude oil.
1979 To expand its Western Canada base, Petro-Canada buys U.S.-controlled Pacific Petroleums. The deal adds more oil and gas properties and, for the first time, refining and marketing operations including a small refinery and a marketing network in Western Canada. Petro-Canada shares in the Hibernia oil discovery off Newfoundland and major gas finds off Nova Scotia.
1980 Petro-Canada drills its first offshore wells as operator of an exploration program off Labrador.
1981 Acquisition of Belgian-owned Petrofina Canada gives Petro-Canada a refining and marketing presence in Eastern and Central Canada.
1982 Petro-Canada discovers oil at Valhalla, Alberta – the biggest new oil field of the 1980s in Western Canada.
1983 Petro-Canada buys the refining and marketing assets of British-owned BP Canada to enlarge operations in Ontario and Quebec.
1984 Petro-Canada's first big offshore discovery as operator is the Terra Nova oil field off Newfoundland. The new federal Conservative government tells Petro-Canada to change its mandate and conduct business in a solely commercial manner, focusing on profitability.
1985 Gulf Canada refining and marketing operations in Ontario and the West come into the fold, rounding out a national network strong in every region.
1988 Petro-Canada organizes and sponsors the 88-day Olympic Torch Relay – carrying the Olympic flame through every province and territory on the way to the Calgary Winter Olympics – inspiring Canadians and marking a turning point in their acceptance of the Petro-Canada brand.
1990 The federal government announces in February that it will privatize Petro-Canada; legislation is introduced in October.
1991 Privatization legislation passes and, on July 3, the first shares are sold to the public in an initial public offering.
1994 First well in Tamadenet, Algeria yields attractive oil discovery. Retail network rationalization boosts efficiency. Lubricants expansion announced.
1995 Government of Canada sells shares amounting to 50 per cent of Petro-Canada's common stock, reducing its interest to 20 per cent. Growing investor confidence brings significant appreciation in Company's market value. Petro-Canada unveils its first new-image retail sites.
1996 Petro-Canada acquires Amerada Hess Canada Ltd., adding production and exploration opportunities in Western Canada. Strategic alliance formed with Norsk Hydro, bringing Petro-Canada interests in production off Norway and access to offshore expertise. Lubricants plant expansion complete, doubling capacity. WinterGas and SuperClean gasoline brands introduced.
1997 Hibernia production platform towed to site; first two wells deliver initial production of 60,000 barrels per day. Eight consecutive gas discoveries highlight revival of once-dormant Wildcat Hills field in Alberta.
1998 Terra Nova offshore oil development launched following regulatory and owner approval. Record natural gas reserve additions.
1999 Hibernia reaches production of 150,000 barrels per day at year-end. Exploration continues to identify the next Grand Banks development. Land acquisitions target new natural gas areas in Mackenzie Delta and offshore Nova Scotia.
2000 Employees celebrate Petro-Canada's 25th anniversary. Oil sands development begins at MacKay River in northeastern Alberta. Plans are unveiled to potentially reconfigure the Edmonton refinery to process mostly bitumen in place of light sweet crude oil.
2001 Petro-Canada publishes its first annual Report to the Community, a review of the Company's performance in environmental stewardship, community involvement, and health and safety.
2002 The Terra Nova offshore development achieves first oil. Petro-Canada announces it has acquired for $3.2 billion Cdn the exploration and production assets of Veba Oil & Gas, a European-based company with operations concentrated in Northwest Europe, North Africa/Near East, and Northern Latin America. The acquisition nearly doubles Petro-Canada's production from the previous year and provides a new platform for long-term growth.
2003 Petro-Canada announces plans to consolidate the company's Eastern Canada refining operations at the Montreal refinery. The plans include shutting down the Oakville refinery by the end of 2004 and expanding the Oakville terminal facilities and Montreal refinery. The Clapham development (owned and operated 100 per cent by Petro-Canada) located in the U.K. Central North Sea achieves first oil. Petro-Canada confirms and advances the Company's integrated oil sands strategy with plans to upgrade and refine oil sands feedstock at the Edmonton refinery.
2004 Petro-Canada signs a Memorandum of Understanding with Gazprom to investigate a joint project which would see liquefied natural gas from Russia shipped to North American markets. The federal government sells its remaining 19 per cent ownership position in Petro-Canada. Petro-Canada unveils plans to develop and construct a liquefied natural gas terminal at Gros Cacouna, Quebec. Natural gas assets are acquired in the U.S. Rockies region. The company acquires a 29.9 per cent interest in the Buzzard oil field, in the United Kingdom North Sea. Petro-Canada announces a 50 per cent increase in the quarterly dividend paid to shareholders to 15 cents per share.
2005 Petro-Canada reaches agreement to sell the company holding its producing assets in Syria to a joint venture of companies owned by India's Oil and Natural Gas Corporation Limited and the China National Petroleum Corporation for €484 million ($676 million Cdn), before adjustments. Mining company Teck Cominco acquires a 15 per cent working interest in the Fort Hills oil sands project, while Petro-Canada remains project operator with a 55 per cent interest, and UTS holds a 30 per cent stake. Petro-Canada secures sponsorship rights for the 2010 Olympic and Paralympic Winter Games and Canadian Olympic Team sponsorship rights for Torino 2006, Beijing 2008, Vancouver 2010 and 2012 Olympic Games. Petro-Canada acquires a 60 per cent interest in the Fort Hills oil sands mining project near Fort McMurray, Alberta.
2006 Petro-Canada and Gazprom sign an agreement to proceed with initial engineering design to build a Baltic gas liquefaction plant near St. Petersburg, Russia. Plans are announced to build an oil sands upgrading facility for the Fort Hills oils sands project in Sturgeon County, about 40 kilometres northeast of Edmonton, Alberta.
2007 Expanded list of major growth projects to include Libyan Concession Development and White Rose Extensions