- US oil major Exxon Mobil is planning a meeting with Chilean officials to discuss lithium investment opportunities.
- According to a registry of lobbyist meetings, in January, a Chilean representative for Exxon met with mining ministry officials to discuss an upcoming visit by executives “interested in lithium projects in Chile.”
US oil major Exxon Mobil is planning a meeting with Chilean officials to discuss lithium investment opportunities, according to a registry of lobbyist meetings and a person familiar with the matter, as fossil fuel companies increasingly look to invest in production of the metal needed for electric vehicle batteries.
Top US oilfield services company SLB, which is similarly expanding into lithium, also recently met with Chilean mining officials, according to the registry and the source.
The meetings reveal the first known details of interest from the companies to seek opportunities in Chile, the world’s second-biggest lithium producer, where output currently comes from just two companies in the Atacama salt flat.
The government is working to boost production, both through efforts spearheaded by state-run copper giant Codelco and by encouraging private investment.
Oil and gas companies, under pressure to reduce carbon emissions from operations, see parallels between conventional oil and gas drilling methods and lithium extraction from brine, which is the form of production used in Chile.
According to a registry of lobbyist meetings, in January, a Chilean representative for Exxon met with mining ministry officials to discuss an upcoming visit by executives “interested in lithium projects in Chile.”
The registry did not provide further details. The source with knowledge of the meeting said the visit was expected in the coming months. Asked about interest in Chile, Exxon said in a statement, “We have collaborations and investments all over the world,” and noted it was consistently evaluating opportunities in the energy sector.
In late 2023, the top US oil producer announced plans to produce lithium in the US with the goal of supplying ultralight metal to EV makers and becoming a top global producer. It said it was studying where else it could produce lithium in the world.
Exxon is also working to use an innovative method to separate the metal from brine, known as direct lithium extraction (DLE), which Chile has called for as a way to mitigate environmental impacts.
Also in January, SLB Head of Mining Nicholas Lugansky met with a top Chilean mining official to discuss the New Energy unit, which includes lithium projects.