Rwanda has confirmed its first-ever oil discovery in Lake Kivu, a milestone in the country’s exploration efforts that could significantly impact its economy. The announcement came on Wednesday during a parliamentary hearing, where Francis Kamanzi, CEO of the Rwanda Mines, Petroleum, and Gas Board, shared the breakthrough findings.
Speaking to lawmakers, Kamanzi revealed that 13 reservoirs have been identified in Lake Kivu, which straddles the border between Rwanda and the Democratic Republic of Congo (DRC). “The good news is that we have oil,” he said, expressing optimism about uncovering additional reserves in the Great Lakes region. Neighboring countries such as Uganda and the DRC have already reported substantial oil finds, fueling confidence in Rwanda’s potential.
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This discovery is the culmination of over a decade of testing and exploratory drilling in Lake Kivu, a region already known for its vast methane gas reserves.
Despite tensions in eastern DRC, where Rwanda-backed M23 rebels have been active, the two nations have continued discussions on managing and exploring the lake’s resources. The conflict has led to a humanitarian crisis, but both governments appear to recognize the mutual benefits of cooperation in oil exploration.
Rwanda’s oil find could mark the beginning of a new chapter in its energy sector, with the potential to diversify the nation’s economy and strengthen its energy independence. However, analysts caution that the geopolitical complexities of the region could pose challenges to the smooth development of these resources.
As the exploration continues, all eyes will be on how Rwanda manages this significant discovery and whether it can navigate regional dynamics to fully harness the potential of its oil reserves.
