Bitumen: Ondo Set to Release Calendar of Exploration

The Ondo state Government said it would soon release the calendar  of Operation of the execution of its bitumen exploration project, even as it mentioned that the geophysical survey of the deposit grounds will soon commence.

 According to the Commissioner for Information, Kayode Akinmade, the exploration of the commodity would  begin immediately.

 He said the company partnering with the state government in executing the project, Liquefied Resources was expected to make available the drilling plan, while government would step up its Community relations role, being part of its obligation in the bitumen exploration contractual agreement aside securing the license for the exploration.

Explaining that the license given  by the Federal government to explore bitumen in the state had a life-span of about three years, Akinmade said government was prepared to take the risk to explore bitumen in the state to the advantage of the people.

 He said efforts of government at diversifying the state’s economy, especially as it affected the bitumen production, would begin to pay off in few months, submitting that results of  government efforts would soon begin to show.

 According to him, the bitumen project was real, adding that with the taking off of its exploration, the revenue base of the state would be enhanced, while the state would become an industrial hub even as it was mentioned that  the exploration of Bitumen in the state would kick off immediately with 10,000 barrel per day.

Recall that Ondo state government  recently announced a  major breakthrough in its quest for economic stability as it revealed that  arrangements had begun for the exploitation of its  Bitumen, being one of the Mineral resources the state had in commercial quantity.

Government  said it  secured the license to exploit the commodity through Beecon Nigeria limited, a concern where it commands  near complete ownership, even as it mentioned that it signed  a Memorandum of  Understanding with an American company, Liquefied Resources and  a Joint Operating Agreement with  for the immediate exploitation of  Bitumen  which the state has in  large deposit on locations that stretches across Ondo -Edo and Ondo -Ogun boundaries .