Led by technological advances that allow for drilling natural gas and oil in shale and other previously unreachable locations, North America is poised to become a net exporter of energy by 2025. That’s according to a report issued Dec. 11 by energy giant ExxonMobil, entitled: “The Outlook for Energy: A View to 2040.” “Today, North […]
Led by technological advances that allow for drilling natural gas and oil in shale and other previously unreachable locations, North America is poised to become a net exporter of energy by 2025. That’s according to a report issued Dec. 11 by energy giant ExxonMobil, entitled: “The Outlook for Energy: A View to 2040.”
“Today, North America stands out as a prominent example of the dynamic nature of energy supply and demand over time. The region is capitalizing on advanced technologies to unlock huge oil and gas resources that were previously uneconomic to produce,” the company said in the report.
The fastest growth will be in natural-gas production. The company also predicts that natural gas will displace coal as the second-largest global fuel source by 2025.
ExxonMobil forecasts natural-gas demand to grow by 65 percent by 2040 and for the fuel to account for 30 percent of total global electricity generation by then.
The report also forecast wind, solar, and biofuel energy demand to increase more than five-fold by 2040 from 2010 levels. Still, those renewable-energy sources will only account for 3 to 4 percent of total world energy demand “as greater advances in technology are needed to increase the commercial viability and associated economics of developing these resources,” the report said.
