February 10, 2010 09:00 ET

Shareholders' Revolt Fails To Dent BP Reports

LONDON, UNITED KINGDOM--(Marketwire - Feb. 10, 2010) - The controversial topic of oil and tar sands – naturally occurring mixtures of sand, clay and bitumen – has been in and out of the news recently with BP the latest oil company to receive scrutiny from its shareholders over its investment in an oil sand project in northern Alberta, Canada, reports, a free online resource providing share information on all FTSE 100, 250 and 350 London Stock Exchange listed companies.

BP is yet to commit to an investment of £6.5 billion into the so-called "Sunrise" oil sands project but, nevertheless, a coalition of investors have already called for a resolution forcing BP Chief Executive, Tony Hayward, to defend the investment at the AGM on 15th April.

Bitumen is heavy and extremely viscous oil that is infamously difficult and expensive to extract from the ground and process into useful products such as petroleum and diesel. The involvement of BP and its rival, Royal Dutch Shell, in oil and tar sands projects has recently been the subject of a report by environmental activists Greenpeace, which warned investors of "the range of existing and emerging risks that BP and Shell face from their expansion of production" in Canada.

Up until now, BP has keen to demonstrate its lack of exposure to oil sands so how investors react to this apparent u-turn is open to speculation. However, the controversy did not appear to have much effect on BP's share price which was up 3.2p or 0.57% at 563.2p approaching the close on Monday afternoon. Shell did even better, climbing 24p or 1.24% to 1,679.5p on a day that saw crude oil prices dip below $71 a barrel at one point. has been launched following the huge success of its predecessor, and provides free share information on share prices and all London Stock Exchange listed companies, sectors and FTSE indices and makes it a simple and quick process to buy shares.

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