Right after Chevron Corporation (NYSE:CVX) provided its mid term outlook last week, another oil major ExxonMobil (NYSE:XOM) has also issued an update regarding the growth plans. Unlike the latter, which has charted a plan with modest growth till 2013-2014, ExxonMobil has ambitious plans for the considerable future.

Included among the plans are high investments in oil exploration business for the next four years. The company spent a mind boggling US$27 billion in 2009 towards capital expenditure and plans to continue with similar sums till 2014. If the figures are any indication, ExxonMobil’s bulging cash pocket is just getting heavier as the time passes. However, huge capital investments also indicate that the oil discovery business is just getting bigger and expensive with limited success in shallow water exploration.

Drilling figures available with a number of deep water rig specialists including Transocean (NYSE:RIG) confirm the trend towards increasing investment in offshore oil and gas regions while corporations continue to reduce capital spending in shallow water drilling operations.

Exxon’s growth plans also outline the company’s focus on whatever it takes to retain the leadership position in global oil market. While the global demand for oil and gas is likely to continue in future as well, ExxonMobil has done well to balance its portfolio with good mix of unconventional oil and gas plays. Particularly shale gas is believed to be the supply future for the US gas market. ExxonMobil has already classifies the US' Marcellus region and Canada's Horn River as two of its major resource bases. In addition, the big ticket acquisition of XTO Energy (NYSE:XTO) for US$41 billion only confirms the company's long-term aim of expanding its shale gas operations.

The real game changer here is ExxonMobil’s European unconventional bets. The company is currently drilling for shale gas in Germany and has permits in Hungary and Poland. Although shale gas is still in nascent stage, it might make a difference to Europe's gas supplies by the end of the next decade. ExxonMobil will likely play a central role in Europe's shale gas revolution.

The stock is currently trading down to US$66.1 on NYSE.