Exxon Mobil, the largest U.S. oil company, may invest hundreds of millions of euros in a German gas project. Gernot Kalkoffen, chairman of Exxon's central European business, told German business daily Handelsblatt that the company believed the state of North Rhine-Westphalia has a vast reserves of gas to drill.
North Rhine-Westphalia was once the epicenter of Germany's coal business and could have the second largest reserves in Europe with 2.1 trillion cubic meters (74.2 cubic feet) of natural gas, according to Handelsblatt. Exxon Mobil (XOM), did not say exactly how much it would spend on the project.
The company said the amount it invests depends on how much gas flows after initial tests and the economic viability of operating the project. Handelsblatt said a total of nine companies aimed had secured options for test drilling in North Rhine-Westphalia.
Texas-based Exxon Mobil, a Dow component, is the largest U.S. natural gas producer following last year's purchase of XTO Energy.