Rwanda is ready to hitch Africa’s oil-producing nations following a major oil discovery in Lake Kivu. In keeping with the Rwanda Mines, Petroleum, and Gasoline Board, a 2D seismic survey carried out from 2021 to 2022 recognized 13 structural pockets and potential drilling areas with promising hydrocarbon reserves. This improvement aligns with the federal government’s technique to diversify its economic system, which historically depends on agriculture, mineral exports, and tourism. Rwanda’s extractive industries presently contribute about 2% to its GDP, with the nation already a number one world exporter of tungsten, tin, and gold. The oil discovery bolsters Kigali’s ambitions to broaden its presence within the world extractive sector, mirroring successes in neighboring Uganda and the Democratic Republic of Congo. Along with exploring crude oil, Rwanda has invested in methane fuel extraction from Lake Kivu, securing a $400 million deal to course of the fuel for numerous makes use of.
Supply: BUSINESS INSIDER AFRICA
