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ExxonMobil sees oil in our future. Lots of it. It could be that the largest energy company in the United States is seeing the world with its oil-tinted glasses, but the company believes the simple demographic, economic and technology dynamics continue to work in favour of the hydrocarbons industry.

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The energy giant believes that oil sands from Canada and Venezuela will contribute 25% of North and South America’s production. In addition, offshore, tight oil and natural gas liquids (NGLs) will see significant growth through 2040, thanks to new techniques that have enabled the extraction of oil and gas from shale and other challenging rock formations.

In fact, Exxon Mobil believes there is an embarrassment of oil riches across the world, especially with technology unlocking previously inaccessible areas under water, under ground, in tight places and deep in the Arctic.

“The world continues to hold significant oil resources,” says ExxonMobil in the report. “Even by 2040, ExxonMobil estimates that less than half of the world’s oil will have been produced. And it is important to note that as new technologies are developed, estimates of the amount of remaining global resources continue to be revised upward.”