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Sex tape spliced into graduation video
LONDON, April 13 (UPI) -- International oil explorers defended their decision to increase exploitation of oil sands in Canada despite environmental complaints from pension groups.
Royal Dutch Shell called on shareholders to vote against a measure requiring additional disclosure regarding activity in Canada's Athabasca oil sands, the Financial Times reports.
Fair Pensions, a campaigner for ethical investment of pension funds in the United Kingdom, called on Shell and BP to outline the market and environmental conditions they considered when deciding to move on oil sands in Canada.
The group, the report said, complains Canadian oil sands are dicey both environmentally and financially.
Shell said Monday it had reviewed both concerns already and felt additional disclosure added "unnecessary costs and duplication of effort." BP reached a similar conclusion in March.
Shell aims to get about 4 percent of its oil and gas production from Athabasca oil sands within two years, up from 2.5 percent currently.
Shell shareholders vote on the measure May 18, while BP considers the resolution Thursday.
The Athabasca deposit is one of the largest oil sand reservoirs in the world.
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