Chevron USA, a subsidiary of Chevron Corporation, became on Tuesday the latest oil major to enter the lithium market in the United States with the acquisition of lease rights to about 125,000 net acres in northeast Texas and southwest Arkansas.
The company secured the lithium-rich acreage from TerraVolta Resources and East Texas Natural Resources but did not disclose financial details. “This acquisition represents a strategic investment to support energy manufacturing and expand US-based critical mineral supplies,” Chevron New Energies president Jeff Gustavson said.
Chevron follows the lead of other major oil companies, such as ExxonMobil, which entered the lithium space last year with a $100 million purchase of 485 square km of brine-rich acreage in Arkansas’ Smackover Formation from Galvanic Energy.
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