Oil and gas companies have set their sights on a new source of lithium in addition to naturally occurring brine found deep underground; their own byproducts. This comes as a result of the growing demand for electric vehicle batteries and renewable energy storage, both of which rely heavily on the metal. Lithium production has historically been concentrated in a few countries, leading companies to explore alternative sources of the rare metal. Now, oil and gas companies are looking to repurpose their brine waste stream to produce lithium, potentially transforming the industry as we know it.
1. Oil and gas companies are exploring their own byproducts as a new source of lithium, due to the increasing demand for electric vehicle batteries and renewable energy storage.
2. Historically, lithium production has been concentrated in a few countries, prompting companies to seek alternative sources of the rare metal.
3. Oil and gas companies aim to repurpose their brine waste stream to extract lithium, potentially transforming the industry.
4. This initiative allows companies to tap into an untapped resource and diversify their revenue streams, capitalizing on the economic value of lithium extraction.
5. Investing in research and development is crucial for refining the technology required to efficiently and cost-effectively extract lithium from brine, aligning with the global push towards cleaner energy alternatives.
The global demand for lithium is projected to increase by over 500% in the next decade.
sought-after element used in the production of batteries for electric vehicles and renewable energy storage. With the rising demand for lithium-ion batteries, these companies have recognized the potential economic value of extracting lithium from their operations. Additionally, the abundance of brine in oil and gas production presents a unique opportunity to tap into this resource and diversify their revenue streams. As a result, oil and gas giants are investing in research and development to refine the technology required for extracting lithium from brine efficiently and cost-effectively. This initiative not only allows these companies to capitalize on an untapped resource but also aligns with the growing global push towards cleaner energy alternatives.