Ondo state secures oil bloc license to exploit bitumen deposit

Ondo state secures oil bloc license to exploit bitumen deposit

Ondo state government has been issued with an oil bloc license to exploit the bitumen deposit in the state.

Mines and steel development minister, Doctor Kayode Fayemi, who made this known in Akure at the first Ondo state investment forum, says the bitumen deposit in the state can meet Africa’s demand.

Nigeria, according to the minister at present imports over 600,000 metric tonnes of asphalt yearly for its road project, adding that bitumen produced in the state will stop importation of asphalt.

“With bitumen being produced in Ondo State, the Federal Government will ensure that none of its road contractors imports asphalt and I am sure that many state governments will prefer to buy from Ondo state because it will definitely be cheaper here than imports from outside the country”, the Minister said.

Governor Rotimi Akeredolu puts the bitumen deposit in the state at 42 billion barrels. He thanked the federal government for finding his state worthy for partnership; stressing that for the initiative to function optimally, the Federal Government should prioritize and patronize the mining industry.

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