Investment plans

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Exxon Mobil Corporation has announced plans to invest at record levels - between $25bn and $30bn annually over the next five years - in oil exploration, low-sulphur diesel production and expansion into Asia.

has announced plans to invest at record levels - between $25bn (£17.7bn) and $30bn annually over the next five years - in oil exploration, low-sulphur diesel production and expansion into Asia.

The company stated that this investment is needed to meet increased energy demands throughout the world.

At an annual briefing for investment analysts at the New York Stock Exchange, Rex Tillerson, chairman and chief executive officer at ExxonMobil, said: ‘The global economy is currently experiencing a downturn, but at ExxonMobil we are focused on the long term.

‘ExxonMobil’s strong financial position, resulting from the strength of our business portfolio and our prudent approach to risk management and investment, enables us to develop new oil and gas projects, increase our production of higher value refined products and grow our chemical business.'

Tillerson outlined ExxonMobil’s major achievements in 2008, such as the beginning of production at eight major projects in 2008, which at their peak are expected to add the net equivalent of 260,000 barrels per day to Exxon's production.

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