New drilling technologies have given energy companies access to shale oil and gas reserves that were previously out of reach. While credited with an exponential increase in U.S. oil and natural gas production, Mackenzie said the "revolution is unlikely to go global quickly."
He told attendees at the CERAWeek energy conference in Houston that without a global shale phenomenon, and with the steady presence of coal in the global energy mix, it's diversity that's key.
"By diversifying the supply of resources and making technology more widely available, open markets will also help countries reduce their emissions and adapt to climate change over the long term," he said in his remarks Tuesday.
About 20 percent of the world's population lacks access to modern energy and demand centers are shifting from Western economies to Asian and African markets, he said.
"With innovation, good governance and open markets, we can supply the resources the world needs, deliver returns to our owners, address energy poverty and improve the world's ability to solve complex global issues like climate change," he said.