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BP has followed up its purchase of Devon Energy's Brazilian oil sand assets with a further majority stake in an undeveloped project held by Value Creation Inc.
The shares rose as high as 623.80 (opening 619.30) on the FTSE 100.
Value Creation said that BP had agreed to buy a major interest and help advance exploration on the property in northern Alberta, Canada.
A price for the 'significant capital contribution' however will not be agreed on until the companies can further explore and delinate the resources on the property.
Mr Columba Yeung, CEO of Value Creation Inc said:
"I think it is going to get things going, not only in Terre de Grace but on our other assets" expecting it to contain "billions of barrels".
The project itself has regulatory approval but needs work on its development plan.
Shares in BP are currently up 2.40 pence (+0.39 pct)
at 9:00 GMT.
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