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 Mexico.
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 outlook.
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 transportation sector.
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.
Source: The AP