It holds more oil than Iraq's proven reserves of 112 billion barrels. It even holds more oil than Saudi Arabia's 250 billion barrels. In fact, Alberta's oil sands deposit contains between 1.75 and 2.5 trillion barrels of oil -- approximately 200 billion barrels of which are recoverable with current technology. That is enough oil to supply all of Canad's petroleum needs for the next 475 years. In fact that is enough proven reserves to supply all of North America's petroleum needs for the next forty-seven years -- without using a single drop of oil from another source. The volume of recoverable oil in the sands is so large that when technological advances prompted the Alberta Energy Utilities Board to include the oil sands as part of Canada's "proven reserves" in 2002, OPEC's share of world petroleum reserves dropped dramatically from 79 to 68 per cent.
Developing Alberta's Oil Sands by Paul Chastko