Alberta needs a forward-looking strategy to make the most out of its vast wealth of natural resources for the sake of the economy, provincial leaders said.

"We can't live in the past," Energy Minister Margaret McCuaig-Boyd said in a statement. "We need to build an economy of the future."

Canada last year was the fourth largest producer of oil and natural gas liquid in the world, and most of the 3.9 million barrels of oil produced per day came from Alberta oil sands. Lower crude oil prices have resulted in a 3.7 percent contraction for the provincial economy.

The provincial government announced a committee of experts that includes delegates from the energy sector as well as trade representatives would look at how to make the most out of its natural resources. The committee is called on to find ways to increase the value of energy reserves and attract new investments to the province.

"Our province is uniquely positioned to lead on value-added oil and gas products -- creating jobs and a more resilient, diversified economy for generations," Deron Bilous, the provincial minister of economic development and trade, said.

A federal report found oil production in Canada could increase by more than 50 percent by 2040, though growth will be constrained without the addition of new oil pipeline infrastructure. In the annual review, the government said the Canadian energy sector has faced significant headwinds as market conditions deteriorated in the first half of the year.

Bilous last month unveiled a $23 million package to help pay for long-term, locally developed projects meant to create jobs and diversify the provincial economy.

Canadian Prime Minister Justin Trudeau, embracing a green economic agenda, touted partnerships in low-carbon technology with Chinese businesses during a state visit to Shanghai in early September. The prime minister said better-paying jobs could emerge on both sides of the Pacific with a stronger focus on low-carbon partnerships.