Oil giant Exxon Mobil (NYSE: XOM) announced that it is going to be lifting its spending this year in order to find and capitalize on additional oil reserves around the globe.
The company is fighting against rising drilling costs and costs of engineering in its battle to locate new oil reserves.
Last year the company spent $21 billion on exploration and development, and this year it plans to boost that investment up to somewhere between $25 and $30 billion. Looking into the future, the company expects to maintain that level of capital expenditure through the year 2012.
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