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In article <uirt5t$a3i9$8@dont-email.me>
rudy <elonx@protonmail.com> wrote:

ExxonMobil plans to begin producing lithium in 2027 in a major
strategic pivot, as the biggest western oil producer bets it can use
its expertise in drilling and processing to become a leading player
in the battery metal.



The company said on Monday it had begun work to extract lithium from underground brines in the southern US state of Arkansas, where it
has acquired the rights to 120,000 acres of land in the Smackover
formation. 



“We think we’re going to build a profitable and high-growth business
for the long term here.

So it’s a big deal,” said Dan Amman, head of Exxon’s low-carbon
solutions business, adding that the project built on the company’s “existing knowhow”.



“We’re drilling wells 10,000 feet underground into these saltwater reservoirs.

That’s obviously directly in our wheelhouse and capability
skillset,” Amman said in an interview with the Financial Times.



The move comes as the energy transition drives a surge in demand for
the battery metal. The International Energy Agency has predicted
consumption could increase by a factor of more than 40 between 2020
and 2040, on the back of rapid growth in the use of lithium-ion
batteries needed for electric vehicles and energy storage.



Exxon — which has faced criticism that its low-carbon spend is
dwarfed by its outlay on future oil and gas production — did not say
exactly how much it would invest in the new business, which will be
branded Mobil Lithium. Amman said the investment would “ramp up into
the billions over time”.



Last month the company announced a $60bn deal to buy Pioneer Natural
Resources, the biggest oil producer in Texas, in a move analysts
described as a doubling down on fossil fuels.

Next will come the poisoning of Arkansas, stay tuned!

https://www.ft.com/content/03094aeb-ac3e-4634-bf6f-22579f74faa0

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