U.S. supermajor ExxonMobil Corp. is planning to invest “hundreds of millions of euros” in German unconventional prospects, according to a report by Germany’s Handelsblatt newspaper.
The company confirmed the rumor on Jan. 31 when Gernot Kalkoffen, the chairman of ExxonMobil – Central Europe, made a statement to the publication noting that the company would invest greatly in the project’s exploration phase.
According to the report, ExxonMobil is particularly interested in the German states of Lower Saxony and North Rhine Westphalia for the project.
A U.S. spokesperson for ExxonMobil declined to provide any further details on the financial investment.
Exxon says it believes the region could hold huge amounts of gas to drill, according to the publication.
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