• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 8 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 mins Reality catching up with EV forecasts
  • 18 hours A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 11 days US Oil Independence is a myth and will always be a myth
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 15 days Natural gas price to spike when USA is out of the market
  • 14 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 15 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
Why Gasoline Prices Are Rising Today

Why Gasoline Prices Are Rising Today

U.S. oil refining margins soared…

U.S. Gasoline Prices Continue To Climb

U.S. Gasoline Prices Continue To Climb

Gasoline prices continue to climb…

BP Quits Canada’s Oil Sands

BP is divesting its last interest in Canada’s oil sands to Canadian firm Cenovus Energy as part of a portfolio reshaping that will see it buy into an offshore oil project in eastern Canada.

BP has agreed to sell its 50-percent interest in the Sunrise oil sands project in Alberta to Cenovus Energy, the UK supermajor said in a statement on Monday.

BP’s exit from Canada’s oil sands follows other divestments from one of the most carbon-intensive oil production types, such as the ones that Shell and Equinor have made in recent years, as international oil majors look to lower their emissions profile under intense pressure from investors and campaigners.

ADVERTISEMENT

As part of its net-zero plan, BP has said its oil and gas production would decline by 40% by 2030 through active portfolio management.

After the oil sands exit, BP is not abandoning the Canadian oil sector and is shifting its focus to future potential offshore growth. As part of the deal with Cenovus, the UK major will buy the Canadian firm’s 35-percent interest in the undeveloped Bay du Nord project offshore Newfoundland and Labrador. The deal includes 467 million (C$600 million) in cash, a contingent payment with a maximum aggregate value of C$600 million expiring after two years, and Cenovus’s 35-percent position in Bay du Nord.

ADVERTISEMENT

The project Bay du Nord is led by Norway’s Equinor and received in April this year a positive environmental assessment by the Government of Canada. The project has yet to take a final investment decision, with first oil expected to be produced in the late 2020s.

“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,” said Starlee Sykes, bp senior vice president, Gulf of Mexico & Canada. 

Currently, BP holds an interest in six exploration licenses in the offshore Eastern Newfoundland Region.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News