Germany Set to Pursue Frac’ing Bounty

ExxonMobil recently announced that they will move forward in the search for unconventional gas exploration in Germany alongside conventional gas production.

"(Germany) is most definitely an interesting market. We cannot achieve the energy strategy shift without gas," Gernot Kalkoffen, Exxon Mobil Central Europe head, said in an interview with the Handelsblatt business daily.

"The gas infrastructure is good and gas is in demand in Germany," he added.

Shale gas is thought to be plenty in at least six of Germany's 16 states. Earlier this month, ExxonMobil said Germany is estimated to have 827 billion cubic meters of gas resources, of which 80 percent are in unconventional deposits (citing official German figures).

Germany relies mainly on imported pipeline gas for heating, transport and industrial applications. It would like to reduce its dependency on Russia's 40 percent market share.

Gas can also play a big role in complementing politically desired renewable energies and cleaner fuels, which Germany is moving towards more quickly than first anticipated.