The exploration of Bitumen in Ondo state will kick off with 10,000 barrel per day as the state government has signed a joint Operating Agreement (JOA) with an American firm, Liquefied Resources on the exploration and extraction of the commodity.
Today.ng reports that the exploration, which is expected to take off immediately will begin with 10,000 barrel per day and isexpected to increase to 25,000 barrel per day soon, as Liquefied Resources is investing One hundred and Fifty Million Dollars in the project.
Speaking after the signing of the agreement, Governor Olusegun Mimiko described the move as a landmark tothe economic development of Ondo State, adding that the initiative has been on the table for many years without result.
Meanwhile, as part of efforts to finally resolve the perennial power outage in the Southern Senatorial District of the State, the government has also signed a Memorandum of Understanding with Benin Electricity Distribution Company (BEDC), in order to restore light to the affected area.
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