UPGRADE ALBERTA - Eliminate a Barrier to Jobs and Prosperity, Kick Start Economic Recovery - What is BVM?

CANADA’S OIL & NATURAL GAS PRODUCERS UPGRADE ALBERTA Eliminate a Barrier to Jobs and Prosperity, Kick Start Economic Recovery At the stroke of a pen, the Alberta government can fix a financial barrier that threatens Alberta’s prosperity and economic recovery by preventing the growth of oil sands development and additional upgrading of our oil sands resource within the province. [...] CAPP is asking the Government of Alberta to adopt the target of upgrading at least 50 per cent of our bitumen in the province in the next ten years. [...] Fixing BVM will create conditions to allow upgrading of 50 per cent of produced bitumen within the province in the next decade, potentially resulting in investments to create over 500,000 barrels per day (b/d) of additional upgrading capacity. [...] UPGRADE ALBERTA 2 CANADA’S OIL & NATURAL GAS PRODUCERS The opportunity: positive outcomes CAPP is asking the government to scrap the existing BVM and design a method that ensures the royalty for bitumen upgraded in Alberta is based on market value, ensuring a level playing field for integrated producers. [...] The oil sands resource is Alberta’s largest asset and the government has an opportunity to make the most of that resource.