Rwanda is ready to affix Africa’s oil-producing nations following a major oil discovery in Lake Kivu. Based on the Rwanda Mines, Petroleum, and Gasoline Board, a 2D seismic survey carried out from 2021 to 2022 recognized 13 structural pockets and potential drilling places with promising hydrocarbon reserves. This growth aligns with the federal government’s technique to diversify its financial system, which historically depends on agriculture, mineral exports, and tourism. Rwanda’s extractive industries at present 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 develop 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 varied makes use of.
Supply: BUSINESS INSIDER AFRICA