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EIA ups total shale oil resource estimate by 13% to 419B barrels, shale gas by 4% to 7576 Tcf

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The US Energy Information Administration (EIA) continues to expand its assessment of technically recoverable shale oil and shale natural gas resources around the world. Each of the countries has an existing oil and natural gas industry with infrastructure connecting the basins to global markets. Bcf/d from 2005 to 2014.

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ExxonMobil plans five-year investment of $185B to develop new energy supplies; 21 major oil and gas projects to begin production between 2012 and 2014

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Tillerson said that even with significant efficiency gains, ExxonMobil expects global energy demand to increase by 30% by 2040, compared to 2010 levels. Demand for electricity will make natural gas the fastest growing major energy source and oil and natural gas are expected to meet 60% of energy needs over the next three decades.