Exxon Mobil Eyes Lithium Investment in Chile Amid Growing EV Demand

Exxon Mobil (NYSE:XOM) is in talks with Chilean officials about potential lithium investments, reflecting a broader trend of fossil fuel giants entering the electric vehicle (EV) supply chain. A registry of lobbyist meetings and a source familiar with the matter confirm Exxon’s interest, with executives planning a visit to explore opportunities.

SLB, a leading U.S. oilfield services company, is also expanding into lithium and recently met with Chilean mining officials. In September, SLB was among eight firms selected to test lithium extraction technology in northern Chile.

Chile, the world’s second-largest lithium producer, currently relies on SQM and Albemarle (NYSE:ALB) for production. The government aims to boost output through state-owned Codelco and private investment. Officials are particularly interested in direct lithium extraction (DLE), a method Exxon is developing, as it reduces environmental impact compared to traditional brine extraction.

Exxon, which recently announced plans to produce lithium in the U.S., is evaluating global opportunities in the sector. The company stated, “We have collaborations and investments worldwide” and continues to assess its role in the evolving energy market.

SLB's Head of Mining, Nicholas Lugansky, also met with Chilean officials in January to discuss potential collaborations in lithium projects. Chile’s mining ministry and SLB declined to comment on these discussions.

As demand for EVs surges, oil and gas firms are increasingly pivoting toward lithium, recognizing similarities between brine-based extraction and traditional drilling. With Exxon and SLB showing interest, Chile may soon see increased lithium investments to support the global clean energy transition.