East African country Rwanda is thinking about opening its doors to investment opportunities in the oil and gas industry exploration.
This takes place as the firm it looks to join the circle of oil-producing countries around the globe. The success stories of the industry in the neighboring countries have made the government ponder of how to make the sector success as well.
Rwanda’s Mines, Petroleum and Gas Board Chief Executive Officer, Francis Gatare noted that the country has completed the shallow drilling for geochemistry tests in the methane-gas-producing lake in the west of the country.
“The stage we are at is low-cost and involves geochemical analysis in Lake Kivu through coring. Coring involves digging shallow wells that are about 10 meters deep and testing the samples in laboratories to see if they show indications of oil,” Gatare stated.
At the end of the second series of shallow drilling tests currently underway, the government will decide whether to partner with international oil explorers or continue with the task independently. “At the right time, when we have de-risked the exploration exercise, we will make it known to investors,” he said.
It will be a crucial decision to be made which could change the shape and trajectory of one of Africa’s Great Lakes and consequently the oil and gas sector in Rwanda. Investors participate in an important role in capital investments as well as technology. Oil exploration requires skills and huge investments that are supported by foreign firms in the required field.
Researchers expressed their concern over oil exploration in Lake Kivu, which contains at least 60 billion cubic meters of methane and 300 billion cubic meters of carbon dioxide.
Rwanda primarily depends on agriculture as the country’s economic mainstay but seek to have other avenues for revenues with the oil and gas sector being a promising industry.