March 13 Exxon Mobil Corp expects oil
and natural gas production in North America to rise 45 percent
over the three decades to 2040, boosted by output from U.S.
shale formations, Canadian oil sands projects and the Gulf of
Exxon and other global oil companies are increasing
investment in North America, where reserves are easier to access
and production is often cheaper.
Technologies such as hydraulic fracturing and horizontal
drilling have also unlocked vast reserves of crude oil and
natural gas, supplies that are changing North America's energy
Irving, Texas-based Exxon said in a report released on
Wednesday that oil and other liquid fuel production, led by
output from projects in the Alberta oil sands, will grow 40
percent in the next three decades.
The company sees U.S. energy consumption falling about 5
percent from 2010 to 2040, driven by efficiency gains in the
The combination of rising output and slowing demand should
lead to North America becoming a net energy exporter by about
2025, Exxon said.
Increased reliance on natural gas and renewable sources of
energy such as wind will lead to a 25 percent reduction in
carbon emissions by 2040, when emissions will be at the lowest
level since the 1970s, Exxon said.
Shares of Exxon were down 28 cents, or less than 1 percent,
at $88.88 at midday on Wednesday on New York Stock Exchange.