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Article: Germany : Exxon Is Latest Oil Major Lured By Coal-Seam Gas Potential.
- Article from:
- TendersInfo
- Article date:
- November 5, 2009
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Byline: manish03
Exxon Mobil Corp. (XOM) has joined a growing list of major energy companies looking to exploit an emerging source of natural gas once seen mainly as the bane of coal miners.
The world's largest publicly traded company by market capitalization said last week it has acquired about 2 million acres of coalbed-methane resources in Germany, its first foray into the exploration of gas trapped in coal seams in Europe.
For centuries, coalbed methane was a safety hazard for coal miners, causing explosions and deaths from asphyxiation. Now, the prospects for traditional fossil-fuel reserves are diminishing, intensifying the majors' hunt ...