Exxon Joins In On Australian Coalbed Gas Rush

Law360, New York (June 6, 2012, 7:10 PM EDT) -- Exxon Mobil Corp. launched a joint venture Wednesday to explore for onshore gas trapped in Australian coal seams, becoming the latest energy firm to bet on an unconventional fuel that has attracted billions of dollars of investment in recent years.

Exxon's Esso Ventures Pty. Ltd. unit is teaming up with Australian firm Ignite Energy Resources Ltd. to tap reserves of methane gas locked in brown coal reserves in southeast Australia's Gippsland Basin. The companies will drill five to seven test wells over the next year to...
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