Exxon Expands Search

Exxon Mobil(XOM) has ramped up its quest for new hydrocarbon fields.In 2007,Exxon replaced 76% of its production-the least in 14 years.A map of the Irving,Texas firm's drilling plans to meet this challenge is literally a map of the world.From Alaska to Indonesia,Exxon will be returning to its wildcat roots,drilling wells in areas not known for their oil and gas reserves,such as inland Germany,Ireland,Greenland,New Zealand and Madagascar.Using advanced technology that allows drilling from huge floating rigs up to two miles into the ocean floor,Exxon will explore off the coasts of Qatar,Angola,Nigeria and Libiya.By 2012,it expects 50% of its production to come from West Africa,Central Asia,Russia and the Middle East-up from today's 36%.Other exploration sites include Colombia and Brazil.The Brazil project is near Brazil's recent large discovery in the Tupi field.The largest Western oil company,Exxon will increase its capital spending by 25% to 125 billion U.S. over the next five years.