BP and Devon team up to develop oil sands play

Devon will acquire 50% of BP's interest in the Kirby oil sands leases, paying $500 million at closing and committing to fund an additional $150 million of capital costs on BP's behalf.

Devon will operate the Kirby project, which is close to its Jackfish steam-assisted gravity drainage (SAGD) project. Like Jackfish, Kirby is expected to be a multi-stage SAGD development.

“We are excited about the opportunity to work with a world-class organisation such as BP to leverage our SAGD expertise from

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