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Alberta’s historic Leduc oilfield has Evanescence’s Bring Me To Life playing repeat on Spotify after it received investment from a recently announced partnership between Imperial Oil and E3 Lithium.
Background: The Leduc oilfield is a Canadian OG, the site of a pivotal 1947 oil discovery and partially owned by Imperial Oil. The discovery changed not only the trajectory of Alberta’s economy, but allowed Canada to become economically self-sufficient and a major exporter of oil.
The site is also known to be one of world’s largest lithium resources, but there was very little interest in investing in the lithium industry. Until now..
What happened: Imperial Oil announced it will be investing $6.53 million into E3 Lithium, a Calgary-based resource company that developed technology to extract lithium from brine—groundwater containing
Imperial’s investment will advance E3’s pilot project Clearwater, conveniently located at the Leduc oilfield, to draw lithium brine from decommissioned wells.
- E3 Lithium will operate and retain ownership of their proprietary technology but will use Imperial’s technical support as well as their water and reservoir management.
Zoom out: A partnership like this is only the beginning, as oil and gas companies diversify their portfolios and rebrand as energy companies. Lithium is in high demand will be crucial to find new supplies for the resource in order to drive sweet cars like the My Ami Buggy.
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