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ExxonMobil (XOM) takes a 10% stake in a JV to explore for gas trapped in Australian coal seams,...

ExxonMobil (XOM) takes a 10% stake in a JV to explore for gas trapped in Australian coal seams, a bet on an unconventional fuel that has become one of the world's hottest energy plays. The Gippsland Basin of southeast Victoria state contains potential reserves of methane gas occurring naturally in ~16B metric tons of brown coal close to the surface and ~280B tons in deeper seams.
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