Canadian economy is likely to boom as it is heading to be one the world's largest energy producers, according to a study released Thursday.

The research, conducted by the Fraser Institute, an independent Canadian public policy think-tank declared that Canada is bound to become one of the largest exporters of energy products in the world.

"Canada is not striving to be an energy superpower but yet is clearly on the verge of becoming a super producer of energy," said the research group in a release.

"Because Canada is energy self-sufficient most of the increase in oil, gas, uranium and hydroelectric production will be exported. Consequently, Canada is bound to soon be one of the world's largest exporters of energy commodities," added the group.

The federal government in recent months has been lobbying the United States to approve the Keystone pipeline project which the government believes, will create 20,000 direct and 120,000 indirect jobs out of the project.

According to the study, Canadian oil and natural gas extraction alone last year contributed $94 billion and based on the study, the group said that the energy sector 2012 provided at least 663,000 jobs.

"Growth in oil sands bitumen production alone could contribute as much as $50 billion per year to the Alberta government by 2033 compared with $4.5 billion in 2011," noted the group.

Prime Minister Stephen Harper's government last December gave the green signal to the Chinese State owned company CNOOC to take over the Calgary based global oil company Nexen.

In 2011, U.S. was the number one trade partner to Canada followed by U.K, China andJapan although last year, China became Canada's second largest trading partner.

"Opening new markets for our exporters in fast-growing Asia-Pacific markets is key to creating new jobs and new sources of economic growth and prosperity for all Canadians," said Minister Fast while visiting Asia this week.

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