BP's oil sands portfolio
The oil sands represent a significant and stable source of oil supply to enhance energy security and diversity, particularly in North America
BP has a clear strategy to grow exploration and production profitably through a portfolio of high quality properties including oil sands. Our objective is to match our upstream position in the oil sands with our downstream refining capacity.
BP's interests in three in situ oil sands properties, all located in northern Alberta, include:
Sunrise - 50% owner, in partnership with operator Husky Energy
Pike - 50% owner, in partnership with operator Devon Energy
Terre de Grace - operator and 75% owner, in partnership with Value Creation Inc. (VCI)
Oil sands properties in Alberta
SunriseOperator: Husky Energy
Partner: BP Canada
The Sunrise Energy Project includes two 50/50 partnerships where Husky Energy operates its Sunrise leases in Alberta and BP operates its Toledo refinery in Ohio, US. This project is expected to cost around $2.5 billion and is expected to produce approximately 60,000 barrels per day (bpd) of bitumen, beginning in 2014. Located 60 kilometres northeast of Fort McMurray, Alberta, Sunrise is expected to have more than three billion barrels of bitumen resources.
PikeOperator: Devon Energy
Partner: BP Canada
BP has a 50% non-operated interest in the Pike leases as part of BP’s joint venture with Devon. Located approximately 25 kilometres southeast of Conklin, Alberta, it is expected to produce approximately 109,000 bpd of bitumen. Pending regulatory approval, the project will be constructed in phases over a three to four-year period with initial production for the first phase projected for 2016.
Terre de GraceOperator: BP Canada
The Terre de Grace leases are located 60 kilometres northwest of Fort McMurray. BP acquired a 75% interest and operatorship from Value Creation Inc. (VCI) in March 2010. The Terre de Grace leases are in the resource appraisal phase.