Exxon Invests in Australia Coal-Seam-Gas Venture - WSJ.com
Exxon Mobil Corp. XOM +2.31% is taking a 10% stake in a joint venture to explore for gas trapped in Australian coal seams, placing a bet on an unconventional fuel that has attracted billions of dollars of investment in Australia and become one of the world's hottest energy plays. Exxon's Esso Ventures unit is teaming up with closely held Ignite Energy Resources Ltd. to explore and potentially develop reserves of methane gas occurring naturally in more than 16 billion metric tons of brown coal close to the surface in the Gippsland Basin of southeastern Victoria state, and more than 280 billion tons in deeper seams.
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