Smackover
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The Norwegian oil company said it may spend more than $130 million to get in on the emerging lithium brine business in Texas and Arkansas. -
First production from the US supermajor's Arkansas lithium-rich asset is expected by 2027.
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The best wells in which to find lithium are in old conventional fields where rusty pump jacks are pulling out mostly water.
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Standard Lithium says the latest drilling project indicates an increasing trend of lithium concentrations in the Texas portion of the Smackover formation.
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A new report said the US supermajor has made its second move in a month to enter the emerging lithium extraction industry.
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The US supermajor is said to have struck a deal that may make it a major supplier of lithium, which is needed to expand the US electric vehicle market.
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The next drilling target will look for reserves in three different plays in Louisiana.
