BP Canada Energy Group ULC

BP Canada Energy Group ULC

April 02, 2012 11:21 ET

Sale of BP's Canadian Natural Gas Liquids Business to Plains Midstream Canada Finalized

CALGARY, ALBERTA--(Marketwire - April 2, 2012) - BP announced today that the sale of its Canadian natural gas liquids (NGL) business to Plains Midstream Canada ULC, a wholly owned subsidiary of Plains All American Pipeline, L.P. (NYSE:PAA) has been completed.

As of April 1, 2012, BP's remaining business in Canada, including the Integrated Supply and Trading Business, the Oil Sands, and existing Arctic Significant Discovery Licences will be under BP Canada Energy Group ULC. BP's Exploration Licences in the Beaufort Sea will continue to be under the direction of BP Exploration Operating Company Limited.

Note to editors

  • About BP in Canada

Headquartered in Calgary, Alberta, BP is active in Alberta and the Northwest Territories, while it's marketing and trading activities span the nation and expand into the U.S.

BP Canada Energy Group ULC holds interests in three oil sands ventures in Northern Alberta suitable for in-situ development using steam-assisted gravity drainage (SAGD) technology:

  • A joint venture with Husky Energy to develop the Sunrise oil sands lease in the northeastern Athabasca region of Alberta, under development.
  • A joint venture with Devon Energy to develop the Pike oil sands lease in the southern Alberta region of the Athabasca oil sands deposit, not yet in development.
  • A partnership with Value Creation Inc. to develop the Terre de Grace oil sands lease in the northwestern Athabasca Region of Alberta, not yet in development.

The resource potential of these projects will provide a secure source of oil supply to consumers in North America.

In addition, BP Canada Energy Group ULC holds Significant Discovery Licences in the Mackenzie Delta, Arctic Islands, and the Beaufort Sea.

BP Exploration Operating Company Limited holds four active Exploration Licences totaling over 8,000 square kilometers in the Canadian Beaufort Sea.

We're hiring! BP offers the opportunity to join some of the most experienced, skilled and dedicated people in the energy industry. We offer unique opportunities on a global scale and the chance to be part of projects that make a difference to everyone's future. To learn more and to explore current career opportunities at BP, please visit: www.bp.com/careers

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