CALGARY - Alberta's massive oilsands make the western province second only to Saudi Arabia in oil reserves, and will help keep engines running for hundreds of years to come, energy regulators said Tuesday.
With reserves of 173 billion barrels of bitumen and 1.6 billion barrels of crude, the province will keep pumping out oil for the next 378 years at current production levels, the Alberta Energy and Utilities Board said.
Together, the two place Alberta second only to Saudi Arabia in terms of overall reserves, spokesman Bob Curran said.
"Alberta has more reserves than Iran and Lybia combined,'' Curran said.
"So when we're asked how sustainable is oil in Alberta, the message is the supply is going to be there.''
Bitumen production of 458 million barrels exceeded conventional crude by 231 per cent last year, and is expected top reach the billion barrel mark within the decade, according to the regulator's annual reserve report.
Crude oil reserves dropped two per cent to 1.6 billion barrels over the year, with production in 2006 reaching 198 million barrels.
"This positions Alberta as a net supplier of oil for many decades to come,'' the regulator said in its annual reserve report.
Alberta's abundant bitumen resources has attracted international attention as a reliable, secure source of oil, but faces numerous challenges before reaching market.
The tar-like substance is mined or steamed out of the ground, requiring huge outlays of capital in equipment and facilities.
Despite the expense, global energy interests including France, China and Japan have entered oilsands plays, with Italian, Middle Eastern and Indian companies eyeing the resource.
Natural gas reserves stood at 40.5 trillion cubic feet last year, down slightly from 41 tcf.
Production for the year came in around 4.7 trillion cubic feet, similar to the previous year, the regulator said.
Coalbed methane production jumped 62 per cent to 167 billion cubic feet, on estimated reserves of 877 billion cubic feet.
And while coal's future is murky due to emissions concerns, there's enough in Alberta - 37 billion tons - to keep all coal-fired generators burning into the next millennium.
