LONDON -(Dow Jones)- Current low oil prices aren't affecting ExxonMobil Corp.'s (XOM) spending plans, a company executive said Monday.

"The lower price environment is having no impact in terms of our investment," Russell Bellis, ExxonMobil's exploration director for Europe, Middle-East and North Africa told a conference.

When doing budget planning "we never envisioned prices like we had last year" where the oil price peaked at $147 a barrel, he said. Prices have since fallen to around $40 a barrel.

Asked if the sharp price drop could lead to bankruptcy for oil service companies, Bellis said he expects "viable contractors to continue to supply the industry." But he said "there may be some consolidation and some of them may go out of business."