The company's activities were divided between 2 entities: Dome Petroleum explored for, developed, produced and marketed crude oil, natural gas and natural gas liquids in Canada and the US, and HBOG handled natural resource exploration and development. The company explored mainly in Western Canada, the Beaufort Sea and the Arctic islands. In 1983 its revenues were $2.6 billion, dropping to $1.6 billion in 1986; 1983 assets were $8.2 billion, dropping to almost $5 billion in 1986. The number of employees dropped from 6500 in 1983 to 3800 in 1986. Foreign ownership of the company, 42% in 1983, stood at 60% in 1986. Dome's problems worsened as a result of the 1986 drop in world oil prices. In November 1987, after months of negotiation, an agreement in principle was reached to enable Amoco Canada Petroleum Co Ltd to buy Dome for $5.5 billion. The purchase was finally completed 1 September 1988.
Author DEBORAH C. SAWYER
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