Financial Times FT.com

Oil

European prospectors cash in on new oil rush

By Bertrand Benoit and Carola Hoyos

Published: May 9 2008 03:44 | Last updated: May 9 2008 03:44

Rising energy prices have made wind turbines a common sight in rural Germany. But as the global competition for resources heats up, country dwellers could soon have new eyesores on their horizons: oil rigs.

Last month, the Bavarian government issued Germany’s first oil concession for decades, giving Rhein Petroleum – a joint venture of three small oil exploration companies – the right to explore a 2,000 sq km area west of Munich for crude.

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