Buy Big Caps or Growth Plays in Oil Sector?

The oil sector offers attractive investment opportunities, strategists told CNBC Friday. But both disagreed over whether established oil majors like BP or growth stocks like Suncor were the best way to play the sector.

"I think BP is extraordinarily cheap, in fact I think all of the oil majors and a lot of the offshore drillers are very cheap," James Bevan, chief investment officer from CCLA Investment Management, told Power Lunch Europe.

BP's shares have already discounted a decline in the oil price to no more than $70 a barrel, Bevan said.

"They're cheap but nobody cares," Espen Baardsen, analyst at Eclectica, argued, adding that the outlook for BP's usable oil reserves is relatively weak. Baardsen also said that many of the oil majors are wasting assets.

Instead of investing in the oil majors Baardsen recommends growth stocks like Suncor, Canadian Natural Resources and Canadian Oil Sands Trust, because they "have the potential to really expand production and have an ultra-long life."