BP Shareholders Oppose Oil Sands Investment

A coalition of BP shareholders have raised concerns over the firm’s intention to invest in its Sunrise oil sands project in Canada, it has been revealed.

BP’s plan to invest $10m in Northern Alberta reserves has been opposed by shareholders for being an expensive proposition in a carbon-constrained world, reports the UK’s The Times newspaper.

The shareholder’s resolution raises questions about the high costs of producing oil sands, and the risks to BP’s future profits presented by rising costs for emitting CO2 and the legal and reputational risks from environmental damage, according to the report.

BP estimates that 193 billion barrels of oil are contained in the Canadian oil sands.

BP acquired a 50% stake in Husky’s Sunrise project in 2007.