Unconventional resources

In a move that will upgrade and materially reposition its US onshore oil and gas business, BP has agreed to acquire a portfolio of world-class unconventional oil and gas assets from BHP.

Costs were moderating prior to 2014-2015 oil price collapse, but realities of lower oil price could see shift in oil sands’ relative competitiveness with other key sources of supply.

Vast size of the resource, openness to private capital and proximity to world’s largest economy among reasons oil sands growth expected to continue

The first exploratory well has been drilled at the Achinsk field (Tomsk Oblast, under development by Gazprom Neft subsidiary Gazpromneft-Vostok), part of a federal project to establish a regional testing ground to identify effective technologies for the development of hard-to-recover (tight) reserves