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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":749,"relatedVideos":750},112467552402705,"ebdad688-c46e-4541-951c-b898eb4d72c6","Chevron enters US lithium space with DLE acquisitions","chevron-enters-us-lithium-space-with-dle-acquisitions","article/chevron-enters-us-lithium-space-with-dle-acquisitions",{"_uid":547,"date":548,"tags":549,"editor":565,"content":575,"excerpt":726,"featured":51,"reporter":727,"_editable":731,"component":732,"seo_title":543,"categories":733,"visibility":739,"author_company":49,"data_vis_image":740,"featured_image":744,"seo_description":726,"author_full_name":49,"author_job_title":49,"formattedDate":747,"formattedArticleDate":748},"947c1e65-3aeb-4ee0-bcff-e99863b628f9","2025-06-23 00:00",[550,553,556,559,562],{"slug":551,"name":552},"chevron","Chevron",{"slug":554,"name":555},"data-visualisation","Data Visualisation",{"slug":557,"name":558},"dle","DLE",{"slug":560,"name":561},"north-america","North America",{"slug":563,"name":564},"usa","USA",[566],{"slug":567,"name":568,"content":569},"didi-bostock","Didi Bostock",{"job_title":570,"image":571,"bio":573,"linkedin":574},"Editor - Energy Transition & Economics",{"filename":572},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":576,"content":577},"doc",[578,603,608,629,641,648,653,666,679,684,689,694,699,707],{"type":579,"attrs":580,"content":581},"paragraph",{"textAlign":49},[582,585,593,595,601],{"text":583,"type":584},"US-based Chevron has entered the ","text",{"text":586,"type":584,"marks":587},"US lithium space",[588],{"type":589,"attrs":590},"link",{"href":591,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/video/watch/building-a-secure-lithium-supply-chain-in-north-america","url",{"text":594,"type":584}," through the acquisition of two ",{"text":596,"type":584,"marks":597},"direct lithium extraction",[598],{"type":589,"attrs":599},{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/article/rise-of-dle-will-open-up-new-sources-of-lithium-supply-this-decade",{"text":602,"type":584}," (DLE) leasehold positions from TerraVolta Resources and East Texas Natural Resources (ETNR).",{"type":579,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":584},"The leaseholds are located across 125,000 acres in the Smackover Formation in Arkansas and eastern Texas.",{"type":579,"attrs":609,"content":610},{"textAlign":49},[611,613,619,621,627],{"text":612,"type":584},"This acquisition follows in the footsteps of fellow ",{"text":614,"type":584,"marks":615},"US oil giant ExxonMobil",[616],{"type":589,"attrs":617},{"href":618,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/article/exxon-aiming-for-multiple-lithium-projects-this-decade",{"text":620,"type":584},", which is developing a 100,000 tonne LCE (lithium carbonate equivalent) DLE project also in the Smackover Formation. Norway’s ",{"text":622,"type":584,"marks":623},"Equinor, another oil major",[624],{"type":589,"attrs":625},{"href":626,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/article/equinor-takes-stake-in-standard-lithium-smackover-direct-lithium-extraction-projects",{"text":628,"type":584},", is also developing a DLE project in the Smackover Formation in partnership with Standard Lithium.",{"type":630,"attrs":631},"blok",{"id":632,"body":633},"d9a3d434-27ca-439c-a33b-e3b3f00fb6c5",[634],{"id":635,"_uid":636,"type":637,"_editable":638,"component":639,"fixed_height":640,"use_fixed_height":50,"fixed_height_mobile":640,"fixed_height_tablet":640},"23866606","i-fee17b43-db19-488c-aba0-8a9b0db25e06","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-fee17b43-db19-488c-aba0-8a9b0db25e06\", \"id\": \"\"}-->","ContentFlourish","",{"type":642,"attrs":643,"content":645},"heading",{"level":644,"textAlign":49},4,[646],{"text":647,"type":584},"What projects has Chevron acquired?",{"type":579,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":584},"The most developed position Chevron has acquired is the $1 billion Project Liberty Owl which was under development by TerraVolta. The project is slated to have a capacity of 25,000 tonnes LCE per year and has a tentative construction start date of 2028/29.",{"type":579,"attrs":654,"content":655},{"textAlign":49},[656,658,664],{"text":657,"type":584},"TerraVolta is partly owned by the Energy & Minerals Group (EMG), which also has a $24 million stake in Cornish Lithium, a ",{"text":659,"type":584,"marks":660},"UK-based lithium company",[661],{"type":589,"attrs":662},{"href":663,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/article/the-uks-domestic-lithium-ambitions",{"text":665,"type":584}," developing a DLE project in Cornwall.",{"type":579,"attrs":667,"content":668},{"textAlign":49},[669,671,677],{"text":670,"type":584},"Liberty Owl received a $225 million award from the US Department of Energy in September 2024. In February 2025 it was selected as a ",{"text":672,"type":584,"marks":673},"FAST-41 project",[674],{"type":589,"attrs":675},{"href":676,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/article/how-is-mine-development-progressing-under-trump-2-0",{"text":678,"type":584}," giving it access to streamlined permitting which may see it complete regulatory requirements by 2028.",{"type":579,"attrs":680,"content":681},{"textAlign":49},[682],{"text":683,"type":584},"The ETNR lease is significantly less developed with no associated technology, capacity, or construction start date. The company started buying brine leases in Texas in 2023.",{"type":642,"attrs":685,"content":686},{"level":644,"textAlign":49},[687],{"text":688,"type":584},"How do DLE costs compare to other forms of lithium extraction?",{"type":579,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":584},"Although DLE projects promise very low operating costs, Benchmark analysis shows they are the most expensive in terms of capital expenditure. Financing costs can make it difficult for juniors to develop projects to maturity.",{"type":579,"attrs":695,"content":696},{"textAlign":49},[697],{"text":698,"type":584},"Oil and gas majors, on the other hand, have relevant expertise in drilling and fluid management as well as cheaper access to capital, making them better positioned to finance such projects.",{"type":630,"attrs":700},{"id":701,"body":702},"120450cb-2bfc-4b00-98ab-3b7fe8fc1c43",[703],{"id":704,"_uid":705,"type":637,"_editable":706,"component":639,"fixed_height":640,"use_fixed_height":50,"fixed_height_mobile":640,"fixed_height_tablet":640},"23865350","i-bedd0a8b-66ca-4cde-b752-25e317476c7f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-bedd0a8b-66ca-4cde-b752-25e317476c7f\", \"id\": \"\"}-->",{"type":579,"attrs":708,"content":709},{"textAlign":49},[710,715,722],{"text":711,"type":584,"marks":712},"Learn more about the role DLE has to play in the lithium industry in this ",[713],{"type":714},"italic",{"text":716,"type":584,"marks":717},"Special Issue",[718,719],{"type":714},{"type":589,"attrs":720},{"href":721,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/publications/special-issues/1320373",{"text":723,"type":584,"marks":724}," by Benchmark.",[725],{"type":714},"US-based Chevron has entered the US lithium space through the acquisition of two direct lithium extraction (DLE) leasehold positions from TerraVolta Resources and East Texas Natural Resources (ETNR). The leaseholds are located across 125,000 acres in the Smackover Formation in Arkansas and eastern Texas. This acquisition follows in the footsteps of fellow US oil giant […]",[728],{"slug":567,"name":568,"content":729},{"job_title":570,"image":730,"bio":573,"linkedin":574},{"filename":572},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"947c1e65-3aeb-4ee0-bcff-e99863b628f9\", \"id\": \"\"}-->","article",[734,737],{"slug":735,"name":736},"critical-minerals","Critical Minerals",{"slug":738,"name":8},"lithium","private",{"id":49,"alt":640,"name":640,"focus":640,"title":640,"source":640,"filename":741,"copyright":640,"fieldtype":742,"meta_data":743,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1750673871/www-production/Redacted-Lithium-capex@2x/Redacted-Lithium-capex@2x.png?_i=AA","asset",{"alt":640,"title":640,"source":640,"copyright":640},{"id":49,"alt":640,"name":640,"focus":640,"title":640,"source":640,"filename":745,"copyright":640,"fieldtype":742,"meta_data":746,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/3e72fdb1f8/bm-chevron-texas-hq-1344368b37c7.jpg",{"alt":640,"title":640,"source":640,"copyright":640},"Jun 23, 2025","23rd June 2025",[],[],1781280252353]