Nigerian government has estimated that the probable reserve of bitumen in Ondo State is 16 billion barrels, while that of tar sands and heavy oil is estimated at 42 billion barrels, approximately 120km, the second largest deposit of bitumen in the world
The deposits are largely undeveloped, but South West Bitumen (SWB), an indigenous Nigerian company which has secured a 25 year renewable operational license across a land mass of about 14,800 ha on the mining site, will soon start an exploration of the bitumen.
Akin Odumakinde, managing director of SWB, said that the company has taken the delivery of needed equipment and operation would start in few months.
