Global Processing

BP Will Proceed with Canadian Oil Sands Plan

April 19, 2010
Energy group BP signaled its intention to press on with plans to back extraction of oil from Canadian oil sands after defeating shareholders opposed on environmental grounds, reports the Associated Foreign Press. BP told investors at its annual meeting here that the oil or tar sands project was crucial in helping meet the world''s energy needs. At an estimated 175 billion barrels, Alberta''s oil sands are the second largest oil reserve in the world behind Saudi Arabia. They were neglected for years, because of high extraction costs. Since 2000, skyrocketing crude oil prices and improved extraction methods have made exploitation more economical, and have lured several multinational oil companies to mine the sands.