Soaring oil and gas production will propel North America into becoming a net energy exporter by 2025, Exxon Mobil Corp said in its annual energy outlook.

More than half of the growth in unconventional natural gas supply over the next two decades will be in North America, Exxon said in the report.

Recent drilling innovations such as hydraulic fracturing have unlocked vast shale oil and gas reserves, leading to a surge in production and reducing the United States' dependence on foreign energy.

Companies including Exxon have already lined up to get permission to ship the country's cheap natural gas overseas. The only gas export terminal approved by the United States so far is Cheniere Energy Inc's Sabine Pass facility in Louisiana.

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