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BP PLC, BP-N

will take a majority stake in the Terre de Grace oil sands property owned by closely held Value Creation Inc. for an undisclosed price, the British oil major’s second oil sands deal in a week.

In a release, Value Creation said BP agreed to develop and operate the 185,000-acre Terre de Grace block in northern Alberta.

The private company said BP will make ?significant capital contributions to the Terre de Grace project but any final price will be determined after further exploration and drilling defines the size of reserves on the property.

BP, which sold a half interest in its Kirby oil sands property to Devon Energy Inc. DVN-N

last week, also holds a half share in an oil sands and refining venture with Husky Energy Inc. HSE-T

Canada’s oil sands contain the largest crude reserves outside the Middle East.

BP spokesman Daren Beaudo confirmed the company had entered into the venture, but referred questions on the value of the project to Value Creation.

The Terre de Grace property is expected to be developed with in-situ thermal technology, which pumps steam into the ground to liquefy deposits of tar-like bitumen so it can flow to the surface.