bp: several movements in Canada portfolio

(CercleFinance.com) - bp has accepted to sell its 50% stake in the Sunrise bituminous sands project in Alberta, Canada, to Calgary company, Cenovus Energy.


Under this agreement, bp aquires Cenovus' stake in the Bay du Nord project in Eastern Canada, adding to its sizeable position across Newfoundland and Labrador.

bp currently has a stake in six exploration licenses in the offshore Eastern Newfoundland Region. The non-operated stake in the Bay du Nord project is set to strengthen bp's position across Eastern Canada.

“This is an important step in our plans to create a more focused, resilient and competitive business in Canada. Bay du Nord will add sizeable acreage and a discovered resource to our existing portfolio offshore Newfoundland and Labrador. Along with bp's active Canadian marketing and trading business, this will position bp Canada for strong future growth.” declared Starlee Sykes, bp senior vice president, Gulf of Mexico & Canada.

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