The oil company may start drilling in the next few months. The company will purchase land in Arkansas and produce minerals there.
exxon mobile the largest US oil company, Focus on Lithium Extraction It’s a key ingredient in batteries for electric cars, cell phones and laptops, paving the way for a future less dependent on gasoline, The Wall Street Journal (WSJ) announced Sunday.
The Texas-based oil giant recently bought drilling rights to land in Arkansas, a southern U.S. state, where it plans to produce minerals, according to specialized media.
Exxon has purchased 120,000 gross acres (approximately 48,562 hectares) of smackover land in southern Arkansas from Galvanic Energy for more than $100 million (approximately €92 million).
oil company Drilling could start in the next few months depending on the medium.
The company’s new bet reflects Exxon’s recognition of the following, according to sources the WSJ spoke to. Demand for internal combustion engines may soon peak, signaling a return to an industry pioneered by oil companies nearly 50 years ago.
Exxon Chief Executive Darren Woods said last year that demand for fossil fuels will remain strong for decades to come, driven by chemical production, heavy transportation and industry.
Exxon said last year that demand for internal combustion engine fuel for light vehicles could peak in 2025, and that electric, hybrid and fuel cell-powered vehicles could grow to more than 50% of new car sales by 2050. predicted.
the company too The global electric vehicle fleet is projected to grow from 3 million in 2017 to 420 million by 2040.
The United States was once the world’s largest producer of lithium, and Exxon played a key role in the industry in the 1970s, but production has plummeted and is now dependent on China and other countries for supplies of lithium. there is