The Rwandan Government has officially announced its first oil discovery, identifying 13 reservoirs along its natural border with the Democratic Republic of Congo (DRC).
The landlocked African country currently heavily relies on its agriculture and tourism sectors but hopes that this significant milestone will help efforts to diversify the economy.
According to its statistical agency, Rwanda’s extraction industries currently contribute about 2% to the nation’s GDP.
“We have oil,” said Francis Kamanzi, CEO of the Rwanda Mines, Petroleum and Gas Board, during a parliamentary hearing.
The 13 exploratory reservoirs are located within Lake Kivu, and a recent study indicates that its basin has a deep thickness of around 2.2 miles and contains hydrocarbons.
In 2021, Rwanda announced the discovery of a field in the region estimated to hold millions of tonnes of crude oil and natural gas reserves.
Currently, Rwanda imports all its petroleum product requirements due to the absence of local production. However, on the back of this new discovery, the country is set to join the ranks of Africa’s oil-producing nations, including Egypt and Nigeria.
There are also hopes that more oil reserves in the Great Lakes region will be discovered, Kamanzi revealed, citing significant findings in the neighbouring countries of Uganda and the DRC.
It forms part of the Albertine Rift, the western branch of the East African Rift system.
The country has also made notable contributions to global mineral markets. According to the US Department of Commerce, Rwanda accounted for 31% of the world’s tungsten exports and 14% of global tin exports in 2022.
Rwanda’s gold exports that year were also valued at $555.7 million (£456 million).