Would cheap shale oil extraction mean the end of oil drilling?

Shale oil,oil found in mountain rock,is estimated to be so plentiful that it could fill the worlds energy need for hundreds of years.The problem as I understand it is that while they do have a method of extracting the oil from the rock,the technology to do so is too cost-prohibitive to use on a mass scale.But if a way to extract shale oil cheaply was found,would actual oil drilling become obsolete?