Rwanda Poised to Become Africa’s Newest Oil Producer – Africa.com
Rwanda is set to join the ranks of African oil-producing countries after a major oil discovery in Lake Kivu. According to the Rwanda Mines, Petroleum and Gas Commission, 2D seismic surveys conducted between 2021 and 2022 identified 13 structural zones and potential drilling sites with promising hydrocarbon reserves. The development is in line with the government’s strategy to diversify the economy, which has traditionally relied on agriculture, mineral exports and tourism. Rwanda’s extractive industry currently accounts for about 2% of gross domestic product, and the country has become a leading global exporter of tungsten, tin and gold. The oil discovery bolsters Kigali’s ambitions to expand its global presence in the extractive industry, emulating the success of neighboring Uganda and the Democratic Republic of Congo. In addition to exploring for crude oil, Rwanda has also invested in extracting methane gas from Lake Kivu, securing a $400 million deal to process the gas for various uses.
source: Africa Business Insider
