Rwanda is set to join Africa’s oil-producing nations following a significant oil discovery in Lake Kivu. According to the Rwanda Mines, Petroleum, and Gas Board, a 2D seismic survey conducted from 2021 to 2022 identified 13 structural pockets and potential drilling locations with promising hydrocarbon reserves. This development aligns with the government’s strategy to diversify its economy, which traditionally relies on agriculture, mineral exports, and tourism. Rwanda’s extractive industries currently contribute about 2% to its GDP, with the country already a leading global exporter of tungsten, tin, and gold. The oil discovery bolsters Kigali’s ambitions to expand its presence in the global extractive sector, mirroring successes in neighboring Uganda and the Democratic Republic of Congo. In addition to exploring crude oil, Rwanda has invested in methane gas extraction from Lake Kivu, securing a $400 million deal to process the gas for various uses.
Source: BUSINESS INSIDER AFRICA