Rwanda announces first oil discovery

Rwanda has announced its first oil discovery. Francis Kamanzi, CEO of the Rwanda Mines, Petroleum and Gas Board made the announcement and said the oil was identified in 13 reservoirs within Lake Kivu, a natural border with the Democratic Republic of Congo.

The 13 structural pockets with hydrocarbons have been located through a 2D seismic survey. These findings highlight Lake Kivu’s substantial hydrocarbon potential. According to CEO, Francis Kamanzi Confidence in Lake Kivu’s potential is bolstered by oil and gas discoveries in neighboring Uganda and the Democratic Republic of Congo, underscoring the Great Lakes region as a promising frontier for hydrocarbon resources.

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National development

The Rwanda Mines, Petroleum, and Gas Board (RMB) is seeking international partners to support exploration, development, and production in Lake Kivu. Rwanda is already leveraging Lake Kivu’s methane gas through a US $400M deal with Gasmeth Energy, showcasing its capability to manage complex energy projects.

Rwanda’s economy, traditionally dependent on agriculture, mineral exports, and tourism, is set to expand its revenue streams. The oil discovery aligns with the government’s long-term strategy to diversify and strengthen economic resilience.

With extractive industries currently contributing about 2% to GDP, the inclusion of oil production could significantly enhance this figure and reduce dependency on imports for petroleum products. Rwanda currently imports all its petroleum requirements. Local production could reduce dependency on imports, lower costs, and ensure energy security.

If the reserves prove commercially viable, Rwanda could become a net exporter of oil, joining other African oil producers like Nigeria and Algeria. Revenue from oil production could fund infrastructure, healthcare, and education, contributing to overall national development.