2023-11-13 19:36:27
Competitive advantage in lithium
Although efforts in this endeavor are still at an early stage, Exxon believes that its expertise in liquids exploration and processing might give the company a competitive advantage in sourcing lithium from underground saltwater deposits.
Woods said last month that the opportunity to produce lithium from Arkansas’ “smack-over range” looks “increasingly promising.”
Spot lithium prices have fallen this year due to a slowdown in China and concerns regarding the affordability of electric vehicles in the United States and Europe. However, the long-term outlook looks healthy.
BloombergNEF expects global demand for lithium to grow nearly five-fold by the end of the decade.
For their part, Occidental Petroleum Corp. and SLB, the two largest oil service providers in the world, said they are exploring the production of lithium extracted from brine fluids.
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