BP Holdings

BP confirmed today that operations have started at the Sunrise Phase 1 in-situ oil sands project in Alberta, Canada, with the start of steam generation. Husky Energy is the operator of Sunrise, a 50/50 joint venture with BP.

Sunrise is being developed using steam assisted gravity drainage (SAGD), oil well technology which warms the underground bitumen (heavy oil) layers until warm enough to flow. Oil production is expected in the first quarter of 2015.

“Sunrise first steam is a landmark for us in 2014, our sixth major project start-up this year, our very first in-situ oil sands operations and a long-life asset which should give us steady production for decades,” said Lamar Mckay, chief executive, BP Upstream. “SAGD at Sunrise adds to our expertise in unconventional hydrocarbons including tight oil and gas, leveraging our technology lead in seismic interpretation and our management of giant reservoirs.”

“First steam at Sunrise marks a key step towards building BP’s in-situ oil sands production in Canada,” said Stephen Willis, BP Canada President and Chairman. “Husky and BP have partnered to create an energy business that integrates our upstream position in the oil sands with our downstream refining capacity in the US.”

The long term plan for Sunrise involves three phases of development growing production capacity to 200,000 barrels per day (bpd); the field is expected to be in production for over 50 years. This first phase is designed for 60,000 bpd (gross) bitumen capacity in two processing plants, expected to be reached over the next 18-24 months. The second plant of this first phase is due to start up around the middle of 2015.

A second 70,000 bpd phase is in design stage, while the third phase is in early appraisal.

In the 2007 agreement with Husky Energy, the two companies created an integrated North American oil sands business consisting of two 50/50 joint ventures: Sunrise Oil Sands (operated by Husky); and Toldeo Refinery, Ohio, (operated by BP).

Notes to Editors

• Located 60 kilometres northeast of Fort McMurray, Alberta, Sunrise is considered a world-class reservoir with estimated resources of 3.7 bn bbls. Husky (operator) and BP each have a 50 percent working interest in these reserves. Production is anticipated over a 40-plus year life span.
• Sunrise has two 30,000 bpd bitumen capacity trains (Plant 1A and 1B) in the Central Processing Facility that are being turned on in sequence.
• Sunrise uses steam-assisted gravity drainage (SAGD) technology to recover the bitumen, a technology that does not require open pit mines or tailing ponds.
• Regulatory approvals are in place for up to 200,000 barrels per day and engineering work is in progress for Phase 2.
• BP’s major project start-ups in 2014 have been: Chirag Oil, Azerbaijan; Mars B, US GoM; Na Kika 3, US GoM; Atlantis N expansion, US GoM; CLOV, Angola; and Sunrise phase 1, Canada.

Cautionary statement

This press release contains certain forward-looking statements concerning BP’s expectations regarding operations at the Sunrise Phase 1 in-situ oil sands project (Sunrise), including expectations that Sunrise will be a long-life asset with production for around 50 years and its expected long term production capacity; statements regarding future in-situ oil sands production in Canada; and statements regarding the timing of initial oil production, of reaching expected phase one capacity and of the start up of the second plant. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future. Actual results may differ from those expressed in such statements, depending on a variety of factors including changes in public expectations and other changes to business conditions; the receipt of relevant third-party and or regulatory approvals; future levels of industry product supply; demand and pricing; economic and financial conditions generally or in various countries and regions; the timing and nature of maintenance outages; operational problems; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; regulatory or legal actions; development and use of new technology; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under "Principal risks and uncertainties" in our Stock Exchange Announcement for the period ended 30 June 2014 and under "Risk factors" in our Annual Report and Form 20-F 2013 as filed with the US Securities and Exchange Commission.

This press release contains references to non-proved resources and production outlooks based on non-proved resources that the SEC’s rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website at www.sec.gov.

Source

Stocks climbed around the world and copper rallied as manufacturing in China and Europe expanded and prospects of an imminent strike on Syria faded. The yen weakened, bonds declined and crude oil fell for a third day.

The MSCI All-Country World Index added 0.6 percent to 366.21, as Standard & Poor’s 500 Index (SPA) futures rose 1 percent. Copper jumped the most in three weeks and silver climbed 2.8 percent while West Texas Intermediate oil dropped 0.8 percent. The yen slipped against its 16 major peers. Brazil’s Ibovespa (IBOV) jumped the most in three weeks for the world’s biggest advance. Mexico’s peso strengthened from a one-year low.

China’s manufacturing index rose to a 16-month high in August, while other gauges showed euro-area factory output expanded at a faster pace than initially estimated in August and Spanish manufacturing gained for the first time since April 2011, according to data from Markit Economics. In the U.S., where markets are closed today, President Barack Obama delayed military action against Syria by seeking approval from Congress.

“The market seems to be taking a good deal of relief from the data pretty much across the board,” Christopher Palmer, who oversees about $2.5 billion as the London-based director of global emerging markets at Henderson Global Investors Ltd., said by phone. “It’s pretty encouraging after a disappointing August where you’ve had a buildup for a potential military action in Syria. Now that seems to have been pushed back a bit.”

European Stocks

MSCI’s All-Country gauge slipped 2.3 percent in August, the third decline in four months.

The Stoxx Europe 600 Index jumped 1.9 percent, the most in eight weeks, as a measure of commodity producers posted the biggest gain of 19 industry groups. Trading volumes were 25 percent less than the 100-day average, according to data compiled by Bloomberg. BHP Billiton Ltd. and Rio Tinto Group, the world’s two largest mining companies, climbed 2.3 percent and 4.2 percent respectively in London.

Spain’s IBEX 35 Index rallied 1.7 percent. The measure of manufacturing activity for the country climbed to 51.1 in August from 49.8 in July.

Vodafone Group Plc (VOD) added 3.4 percent to the highest level since 2001. Verizon Communications Inc. agreed to acquire Vodafone’s 45 percent stake in Verizon Wireless in a $130 billion transaction that has been approved by both companies’ boards and is expected to be completed in the first quarter of 2014, according to a statement today.

The MSCI Emerging Markets Index advanced 0.9 percent to a two-week high. Turkey’s benchmark equity gauge climbed 3.2 percent and the lira appreciated 0.8 percent amid the delay in U.S. action against neighboring Syria.

Brazil Rally

Brazil’s Ibovespa climbed 3.7 percent as steelmaker Cia. Siderurgica Nacional led commodity producers higher, jumping 5.3 percent. Iron-ore producer Vale SA, whose top export market is China, rose 3 percent to a one-week high. OGX Petroleo e Gas Participacoes SA, the oil company controlled by former billionaire Eike Batista, surged as much as 43 percent after posting a record plunge Aug. 30.

Brazil’s purchasing managers’ index for manufacturing rose to 49.4 in August from 48.5 in July, Markit Economics reported today. Figures below 50 indicate a contraction.

The Ibovespa trades at 12.7 times analysts’ earnings estimates for the next four quarters, compares with a valuation of 16.4 times for Mexico’s IPC Index and 14.3 for India’s S&P BSE Sensex Index.

Carlos Slim

Mexico’s peso strengthened as concern eased that a U.S. strike on Syria was imminent, supporting emerging-market assets. The currency added 0.3 percent to 13.3351 per dollar after falling Aug. 30 to 13.38, the weakest level since August 2012. The peso tumbled 3.2 percent last week, the biggest decline among major currencies tracked by Bloomberg.

Billionaire Carlos Slim’s Minera Frisco SAB dropped 1.4 percent. The country’s exchange canceled some erroneous trades that caused the shares to double in price Aug. 30, according to a bourse official with direct knowledge of the decision. They asked not to be identified because they weren’t authorized to speak on the matter.

The Hang Seng China Enterprises Index (HSCEI) of mainland Chinese companies listed in Hong Kong rose 2.3 percent, the most since Aug. 13. China’s official PMI came in at at 51.0, compared with the median estimate in a Bloomberg survey of 50.6. A separate manufacturing PMI released today by HSBC Holdings Plc and Markit Economics rose to 50.1 last month from 47.7 in July, the biggest gain in three years and the first reading above 50 since April.

India’s rupee dropped 0.5 percent versus the dollar while the Sensex gained 1.4 percent. The nation’s economy grew 4.4 percent in the three months to June from a year earlier, the weakest pace since 2009, the government reported Aug. 30.

Bond Yields

The won climbed 0.9 percent to the strongest level in three months after South Korea reported a trade surplus that was double what economists predicted.

The yen weakened 1.2 percent to 99.33 per dollar after touching 99.43, the weakest level since Aug. 2. The euro declined 0.2 percent to $1.3192.

U.K. 10-year gilt yields climbed eight basis points, or 0.08 percentage point, to 2.85 percent, the highest level since July 2011. The pound strengthened to its highest level versus the euro in two months as U.K. house-price growth quickened in August, adding to signs that the economy is recovering. Sterling appreciated 0.4 percent to 84.89 pence per euro after reaching 84.72 pence, the strongest level since June 26.

Germany’s 10-year bund yield increased four basis points to 1.90 percent and France’s yield added three basis points to 2.50 percent.gpo

Natural Gas

Copper snapped a three-day losing streak. WTI fell as low as $104.21 a barrel and U.S. natural gas jumped as much as 3 percent to a five-week high of $3.689 per million British thermal units on speculation warmer weather will boost demand for electricity to power air conditioners.

Commodities outperformed stocks and bonds last month. The S&P GSCI gauge of 24 raw materials rose 3.4 percent in August as U.S. crude reached a two-year high and gold rallied close to a bull market. The MSCI All-Country World Index of equities declined 2 percent including dividends and the BofA Merrill Lynch Global Broad Market Index of debt fell 0.352 percent.

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As we warn on the Scambusters home page, crooks have unleashed a tidal wave of scams to cash in on the BP oil leak.

In this issue, we identify the range of tricks, from investment scams and phony jobs, to bogus fund-raising and financial support.

We also have genuine contact details related to the oil leak and additional guidance to avoid these disaster scams.

However, we encourage you to take a look at this week's most popular articles from our other sites:

Whatever the final outcome of the BP oil leak, there's no doubt that disaster scam tricks related to the incident will, like the clean-up, run for many years.

In fact the cleanup, rather than the oil leak, is the main source of scams that add to the woes surrounding this catastrophe.

This criminal activity spreads the impact of the BP oil leak well beyond the shores of the Gulf of Mexico, tricking investors and would-be workers and helpers out of their money.

Let's take a look at the main disaster scams linked to the oil leak.

BP Oil Leak Investment Scams

Within weeks of the BP oil leak, the Financial Industry Regulatory Authority (Finra) and the Securities and Exchange Commission (SEC) suspended trading in several companies that claimed to be working with BP on a clean-up solution.

They issued a warning about "pump and dump" schemes (though not necessarily related to these firms) that drive up a company's stock price before it collapses when claims fail to materialize.

Read more about pump and dump schemes in this earlier Scambusters issue, Investing Safely.

John Gannon, Finra's investor education chief, was quoted in the Wall Street Journal as saying that investors "need to be careful because those companies may not have the technology or ability to do what they are touting they can do, and may be making claims like having contracts with BP or the Environmental Protection Agency that investors need to be careful about trusting."

Investment scam warning signs that should put you on the alert include:

* Unsolicited information promoting a stock via email or regular mail.

* The stock is traded "over the counter" rather than on the New York Stock Exchange (though, of course, many legitimate companies also trade this way).

If you're concerned about the reliability of a company you're considering as an investment you should speak first to your trusted financial advisor and check out the company's filings with the SEC.

Other BP Oil Leak Financial Scams

BP has set up its own fund to compensate victims of the oil spill.

Now scammers in various guises -- bogus BP or government officials, or phony finance companies -- have shown up, offering financial help to individuals and companies affected by the spill.

In some cases, they prey on human weaknesses by even telling people who wouldn't normally qualify for aid that they can cash in.

In most cases, this is an advance fee fraud coming from Nigeria. After convincing you they can get the money, they ask for an arrangement fee.

Tags: bp holdings, bp code 34912725751, protect yourself from bp oil leak scammers