This is a big vote of confidence for the oil sands. At a time when confidence in Alberta's massive oil deposits has been flagging.
With the oil price having pulled back over the last year, a lot of concerns were once again being trotted out about the oil sands. The costs are too high. The engineering is complex. Securing services and labor is tough. The oil is too "dirty" to sell in many markets.
BP's purchase (if it does materialize) should put some of these concerns to bed. Bottom line: major oil companies still want projects with large in-place oil resources. They're not scared of the engineering.
Full Article: Oil Sands