Exxon will begin lithium production in the US in 2027 – Kommersant
[ad_1]
Today, November 13, the American oil and gas company ExxonMobil reported about plans to begin lithium production at its oil fields in Arkansas. This year, Exxon bought rights to develop a 120,000-acre site in the southern part of the state.
Global demand for lithium is growing as it is an important component in the production of batteries for electric vehicles. Exxon said it will become a “leading supplier” by 2030. By this year, the company plans to produce enough lithium to produce a million batteries a year.
It was Exxon that was the first to introduce lithium-ion batteries to the market in the 1970s, but then the company moved away from this activity. Now Exxon wants to re-enter the market under the Mobil Lithium brand. According to Bloombergthe company has already negotiated supplies with electric vehicle manufacturers such as Tesla, Ford, and Volkswagen.
For oil and gas companies, lithium production can be a profitable by-product of their core business: technologies now exist to extract lithium from underground salt water in wells. These are the technologies Exxon plans to use. Several other companies, including Occidental Petroleum and Equinor, are also exploring the possibility of launching lithium production. However, Exxon became the first major oil and gas company to announce such a project.
[ad_2]
Source link
