BP and Devon team up to develop oil sands play
BP and Devon Energy have entered into a joint venture that will use the latter’s in-situ production expertise to develop BP’s Kirby oil sands leases in Alberta, Canada.
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
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