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Bitumen (Tar Sands)
Energy âĸ bitumen âĸ 1 deposit(s)
UNVERIFIED: Claims of "second largest after Canada" (38-42B bbl) lack independent verification. NO COMMERCIAL EXTRACTION in 120+ years despite discovery in 1900s. Community opposition, environmental concerns, and economic viability questions persist. Multiple failed development attempts. May never be commercially viable at current oil prices.
Ondo-Ogun Bitumen Belt
Ondo, Ogun, Lagos, Edo
exploration
Grade: 12 %saturation - Porosity ~30%, oil saturation ~12%. Lower clay than Athabasca (Canada).
Security:1/5Regulatory:3/5Environmental:4/5
Inferredâ 42.00B bbl(in-place)
đData Quality
Quality Tier:inferred
Confidence:40%
As of:2022-12-31
Warnings
â ī¸Inferred estimate with low geological certainty. Confidence capped at 60%.
â ī¸Low effective confidence: 40%
âšī¸Estimate data is from 2022-12-31, which may be outdated.
Sources
- Nigeria Bitumen Exploration Report
Nigerian Geological Survey Agency, 2022 - Textural Characteristics of Nigerian Tar Sands
Sedimentary Geology Journal, 2020
Base Case
Basis: in-place (applied)
= 45.0%
Gross Value
$220.50BmodeledState Value
$99.22BmodeledConservative
Basis: in-place (applied)
= 45.0%
Gross Value
$126.00BmodeledState Value
$56.70BmodeledOptimistic
Basis: in-place (applied)
= 45.0%
Gross Value
$420.00BmodeledState Value
$189.00BmodeledNotes: 38-42 billion barrels bitumen/heavy oil. Nigeria ranks 6th globally.