Exxon Mobil and SLB Explore Lithium Investment in Chile

U.S. oil giant Exxon Mobil is preparing to meet with Chilean officials to discuss potential lithium investments, according to a registry of lobbyist meetings and a source familiar with the matter. The move aligns with a broader trend of fossil fuel companies expanding into lithium production, a critical component for electric vehicle batteries.

Exxon’s interest follows similar actions by leading oilfield services firm SLB, which recently met with Chilean mining officials to explore investment opportunities. The discussions mark the first confirmed indications that both companies are assessing Chile’s lithium sector, the second-largest in the world, where production is currently limited to two companies operating in the Atacama salt flat. The Chilean government is pushing to expand production through initiatives led by state-owned copper giant Codelco and private investment incentives.

Oil and gas firms see synergies between conventional drilling methods and lithium extraction from brine, the primary technique used in Chile. Exxon is already advancing lithium production efforts in the U.S., with plans to become a leading global supplier for EV manufacturers. The company has also been exploring direct lithium extraction (DLE), a method Chile has promoted as a way to reduce environmental impact.

In January, an Exxon representative met with Chile’s mining ministry officials to plan a visit by executives interested in lithium projects in the country. The registry provided no further details, but a source indicated the visit is expected in the coming months. Exxon stated that it continuously evaluates opportunities worldwide but did not comment specifically on Chile.

Meanwhile, SLB’s Head of Mining, Nicholas Lugansky, also met with a top Chilean mining official in January to discuss lithium-related collaborations between the company’s New Energy unit and Chilean state and private enterprises. In September, SLB was selected as one of eight firms to test lithium extraction technology in Chile’s Altoandinos salt flats. The company declined to comment on its Chilean lithium interests, as did Chile’s mining ministry regarding both companies.