ExxonMobil, SLB Explore Lithium Investment Opportunities in Chile
Major U.S. energy companies ExxonMobil and SLB are actively exploring lithium investment opportunities in Chile, the world's second-largest lithium producer.
ExxonMobil's Interest
ExxonMobil, seeking to diversify its operations amid decarbonization pressures, is scheduling a meeting with Chilean officials to discuss lithium projects. The company has expressed interest in lithium production in Chile, where output is currently limited to two companies.
ExxonMobil's plans include developing an innovative direct lithium extraction (DLE) method, which Chile supports as an environmentally sustainable alternative. The company has also announced plans to produce lithium in the U.S. with a goal of becoming a global producer.
SLB's Involvement
SLB, a prominent oilfield services provider expanding into lithium, has recently met with Chilean mining officials. The company was selected as one of eight to test its lithium extraction technology in Chile's Altoandinos salt flats.
SLB's meeting with Chilean officials aimed to explore collaborations with the country's state and private entities in the lithium sector. The company has not publicly commented on its interest in Chile.
Chile's Lithium Industry
Chile is keen on boosting lithium production through public initiatives and private investment. The government encourages the diversification of lithium production and welcomes innovative technologies like DLE.
Current lithium output in Chile is dominated by SQM and Albemarle. ExxonMobil and SLB's interest indicates the growing appeal of Chile to major energy companies seeking to secure a stake in the rapidly expanding electric vehicle battery market.