US super major ExxonMobil will increase its capital spending by nearly 4% this year to $28 billion as it evaluates new fields around the world, but it cautioned that the global economy remained unsteady.
ExxonMobil, the world's largest publicly traded oil company, also said it had completed initial tests at Iraq's West Qurna field, where it won a 60% stake in the field that is estimated to have 8.7 billion barrels of reserves. It gave no additional details.
The oil giant, who is expected to close on a planned purchase of US natural gas producer XTO Energy later this year, stuck to its range of capital spending between $25 billion and $30 billion through 2014, reported Reuters.
"Our capital spending plans have largely been unaffected by the global recession," chief executive Rex Tillerson told analysts at a presentation at the New York Stock Exchange.
"We plan and execute on the basis that ours is truly a long-term business."
ExxonMobil's shares rose 0.3% to $67.39 in early trading on the New York Stock Exchange