Rwanda makes first-ever discovery of oil
Rwanda has made its first-ever oil discovery in Lake Kivu, according to the Rwanda Mines, Petroleum, and Gas Board (RMB).
The RMB revealed 13 wells with signs of oil beneath the lake, local news outlet IGIHE reports.
RMB’s CEO, Francis Kamanzi, told parliament on January 15 that this discovery boosts hopes for Rwanda’s energy future.
According to him, Lake Kivu might hold more oil than neighbouring countries, as it is deeper than other lakes in the region.
However, further studies are needed to confirm how much oil is available and whether it can be extracted profitably.
Drilling one well could cost over $15 million.
Efforts to explore Lake Kivu began years ago but gained momentum after a Canadian company found signs of oil and gas in the eastern parts of the lake. Methane gas in the lake was an early clue that oil might also be present.
Rwanda plans to conduct deeper drilling and advanced mapping to pinpoint oil reserves.
