Home Blogs Mining News Over $100 Million! International Oil and Gas Giant ExxonMobil Purchases Lithium Mining Exploration Rights

Over $100 Million! International Oil and Gas Giant ExxonMobil Purchases Lithium Mining Exploration Rights

ShirleyShirley May 23, 2023May 23, 2023 290290
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In recent years, with the increasing global emphasis on environmental protection and sustainable development, the electric vehicle market has gradually risen, and lithium batteries, as the core component of electric vehicles, have also become a hot topic in the market. As a result, the exploration and supply of lithium resources has become a topic of great concern.

Recently, international oil and gas giant ExxonMobil announced that it will begin to venture into lithium resource extraction. According to informed sources, ExxonMobil has purchased the exploration rights for a lithium mine at a transaction price of over $100 million. This lithium mine is believed to have 4 million tons of lithium carbonate equivalent, enough to meet the battery needs of about 50 million electric vehicles.

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ExxonMobil, based in Texas, is an oil giant along with UK's BP, Netherlands' Shell, France's TotalEnergies, and US's Chevron, collectively known as the world's top five oil companies. This move into lithium resource extraction signifies that ExxonMobil is actively transforming and seeking new growth points.

The exploration and supply of lithium resources has always been a topic of great concern. Currently, global lithium resources are mainly distributed in South America, Australia, and China. Among them, Australia is the world's largest producer of lithium, accounting for about 50% of the global market share. China, on the other hand, is the world's largest consumer of lithium, accounting for about 60% of the global market share.

As the electric vehicle market continues to expand, the demand for lithium resources is also increasing. It is predicted that by 2030, global electric vehicle sales will reach 150 million units, and the demand for lithium resources will increase accordingly. Therefore, the exploration and supply of lithium resources will become an important area in the future.

For ExxonMobil, venturing into lithium resource exploration is an important strategic move. Although ExxonMobil has always been an oil company, the prospects of the oil industry have become increasingly uncertain due to the global emphasis on environmental protection and sustainable development. As a result, ExxonMobil is actively seeking new growth points, and lithium resource exploration is one of them.

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In conclusion, as the electric vehicle market continues to expand, the exploration and supply of lithium resources will become an important area in the future. ExxonMobil's venture into lithium resource extraction signifies the company's active transformation and search for new growth points. In the future, we can expect more companies to join the field of lithium resource exploration and supply, jointly promoting the development of the electric vehicle market.

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