BP said it will extract over one billion barrels of recoverable resources with its acquisition of Value Creation Inc’s Terre de Grace oil-sands block in Canada.
The firm paid $900m for a 75% interest in the project in March 2010, according to Bloomberg.
BP will be operate the 185,000 acre block that is expected to start producing oil in 2011 and may yield over 300,000bpd.
BP head of investor relations Fergus MacLeod was quoted by Bloomberg as saying that Terre de Grace is a high-quality resource.
