LONDON, April 15 (UPI) -- BP aims to exploit one of the largest oil deposits in the world in Canada despite pressure from investors and environmentalists, executives said.
BP Chief Executive Officer Tony Hayward said in a sustainability report released Thursday that exploiting oil sands in Canada made economic sense when oil price stability is considered. Crude oil prices, he said, should hold steady at $60-$90 per barrel for the next five years.
BP said it would work on a proposed $2.4 billion Sunrise project to exploit Canadian sands in a project with Canada's Husky Energy. Final decisions are expected by year's end, the Financial Times reports.
Hayward added oil sands were more environmentally friendly than conventional production. Greenhouse gas emissions, he said, were less from oil sands production.
The report from the Financial Times said more than 140 investors, however, have called for a review of the Canadian oil sand project because of environmental concerns.
Mindy Lubber, the president of environmental advocacy group Ceres, said she was concerned that oil companies didn't have "well-articulated plan to manage the environmental and social risks," from oil-sand development.
