"Bitumen Valuation Methodology (BVM) is a method to determine for royalty purposes a value for bitumen produced in oil sands projects and either upgraded on-site or sold or transferred to affiliates. The BVM ensures that Alberta receives market value for its bitumen production, taken in cash or bitumen royalty-in-kind, through the royalty formula. Western Canadian Select (WCS), a grade or blend of Alberta bitumens, diluents (a product such as naphtha or condensate which is added to increase the ability of the oil to flow through a pipeline) and conventional heavy oils, developed by Alberta producers and stored and valued at Hardisty, AB was determined to be the best reference crude price in the development of a BVM."