BP takes another big step out of Canada

BP is further reducing its Canadian presence with the $1.7bn sale of its natural gas liquids (NGLs) business

The supermajor is pressing ahead with a $45 billion asset sell-off to help it meet potential liabilities from last year’s Macondo oil spill in the Gulf of Mexico. The deal heralds a structural shift in the country’s gas processing market with the exit of its largest marketer. Houston-based Plains All American Pipelines will assume control of 2,600 miles of pipelines, including 20 million barrels of liquefied petroleum gas storage capacity; seven fractionation plants, with around 232,000 barrels a day (b/d) of capacity; multiple straddle plants; and two field gas-processing plants with an aggregate capacity of about 8 billion cubic feet a day; as well as 10 million barrels of long-term and se