Report: Shale production in North America to beat OPEC output in 2015

12/12/2013 | Bloomberg Businessweek

North America's shale oil production will beat output from most of the members of the Organization of the Petroleum Exporting Countries in 2015, according to ExxonMobil's long-term global energy forecast. The company also said in the report that output from shale, deepwater drilling and oil sands will boom by 2040, offsetting previous declines in output from older onshore fields. "The reality is the market has moved from an era of scarcity to an era of abundance -- but we're still saddled with statutes and regulations stuck in a mindset of scarcity," said Ken Cohen, ExxonMobil's vice president of public and government affairs.

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