NEW YORK (AP) — Exxon said Thursday that it will spend about $185 billion over the next five years to find more oil and natural gas to meet an expected increase in energy demand.

In a statement issued ahead of a presentation at the New York Stock Exchange, CEO Rex Tillerson says the investment, about $37 billion a year, is needed to expand the supply of traditional fuels like oil and gas while also advancing new energy sources. Exxon, the world’s largest publicly traded energy company, expects global energy demand to increase 30 percent by 2040, compared with 2010 levels.