North America oil, gas output to rise 45 pct by 2040: report

Date : 2013-04-08  | From :
Oil and natural gas production in North America is expected to rise 45 percent by 2040, thanks to technological advances that have helped tap oil and gas from shale- rock formations in the region, US energy giant Exxon Mobil said in a report Wedneday.

Technologies such as hydraulic fracturing and horizontal drilling have unlocked vast reserves of crude oil and natural, Texas-based Exxon said in its US energy outlook report.

Meanwhile, the company expects US energy consumption to fall by about 5 percent from 2010 to 2040, driven by improved efficiency in the transportation sector.

"After decades of relatively flat production, output of oil and other liquid fuels in North America is projected to rise by about 40 percent from 2010 to 2040," Exxon said.

"Overall US energy consumption is expected to gradually plateau and then decline by about 5 percent from 2010 to 2040," it said.

As a result of increased output and slowing demand, North America will probably become a net energy exporter by about 2025, Exxon predicted.

Asia Pacific countries may import almost 40 percent of their total energy needs by 2040 as demand increases, it said.

The company also predicted that more use of natural gas instead of coal and increased output from nuclear and renewable energy sources will reduce US greenhouse-gas emissions.

Carbon-dioxide emissions in the country may drop more than 25 percent by 2040 to the lowest levels since the 1970s, Exxon said.