Rwanda is hoping to join the circle of oil-producing countries around the world. Kigali is considering partnering with oil and gas companies for the next phase of oil exploration in Lake Kivu.
Oil search: Rwanda may invite investors for exploration
According to Director General of the Office of Mines, Oil and Gas, Francis Gatare, the country has carried out the first series of shallow boreholes for geo-chemical tests in Lake Kivu, says Bloomberg.
It is at the end of the second series of shallow drilling tests currently underway, that the State will decide whether to invite private investors to finance 2D or 3D seismic studies.
However, the Director General of the Rwanda Mining, Oil and Gas Board said that the country should take a decision on this issue by the end of the year at the latest.
Rwanda already extracts methane from Lake Kivu, which borders Lake Albert, where neighboring Uganda has found 6.5 billion litres of oil.
Rwanda, which derives most of its resources from agricultural products such as coffee and tourism, would like to expand its sources of income through the exploitation of hydrocarbons and mines.
According to Rwanda’s statistical agency, the extractive industries represent about 2% of the country’s gross domestic product.