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ExxonMobil Fuel Card news: ExxonMobil plans to increase spending for 2010

15 March, 10
ExxonMobil has said that it plans to spend $28 billion (£18.48 billion) this year.

Rex Tillerson, chief executive officer and chairman of ExxonMobil, made the announcement of the three per cent increase at a meeting in New York.

The spending is to help the company keep up with the expected rise in demand for energy, which is thought to be going to increase to nearly 35 per cent by 2030.

However, many of ExxonMobil's rival companies are cutting spending because of the declining use of oil.

The oil company said that it would increasingly rely on oil from hard-to-reach places such as the Arctic, frozen tundra in Canada and the depths of the ocean, CNN reports.

Mr Tillerson said there would be an increased use of unconventional sources by the company.
"We anticipate it will grow in the future and we hope it will grow with the positions we've taken," he said.
Of the eight projects that the company plans to commence in the near future, six are unconventional.

Posted by Matt Haskins
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ExxonMobil Fuel Card news: ExxonMobil plans to increase spending for 2010