Exxon, SLB Pursue Lithium Investments in Chile Amid EV Demand

Exxon Mobil is exploring lithium extraction opportunities in Chile, signaling a strategic pivot from fossil fuels to electric vehicle components, particularly due to the rising demand for lithium in battery production. The company plans to utilize a sustainable method known as direct lithium extraction (DLE), which aligns with Chile’s green energy goals. Alongside Exxon, SLB is also engaging with Chilean officials to discuss lithium projects, highlighting a trend of fossil fuel companies entering the lithium market. Currently, Chile's lithium production is dominated by SQM and Albemarle, but the entry of Exxon and SLB could change this dynamic significantly. The Chilean government is keen on increasing lithium output through private investments while prioritizing environmentally friendly extraction methods. As these developments unfold, they could have substantial implications for global supply chains and the transition to cleaner energy solutions.