Rwanda draws DRC into a joint oil exploitation deal as Museveni sells 'his' oil at his terms and price

Rwanda draws DRC into a joint oil exploitation deal as Museveni sells 'his' oil at his terms and price

Rwanda and Kabira’s DRC have signed a five-year joint exploration agreement for oil in Lake Kivu.

Rwanda’s Minister for Natural Resources Vincent Biruta signed on behalf of Rwanda while AIme Ngoi-Mukena the  DRC’s Minister for Hydrocarbons signed on behalf of Rwanda

”The two countries signed an agreement in which they agreed to work together in exploring for oil in Lake Kivu area. They will carry out joint exploitation of oil resources and hydrocarbons, if any are discovered under the shared cross-border area of the lake.”

Lake Kivu lies on the border between the Democratic Republic of the Congo and Rwanda in the Albertine Rift valley. It is approximately 90 kilometers (56 miles) long and 50 km (31 miles) wide.

According to the agreement, the two countries will share technical and geological data obtained during exploration.

In 2014, an oil survey exercise in Rwanda discovered that the Lake Kivu basin was favorable for oil and gas exploration.

In February 2017, a Rwandan firm, Ngali Mining company won petroleum exploration rights in Lake Kivu.

Rwanda and the DRC also agreed to an exemption of duties and taxes paid on equipment, materials and chemical reagents imported exclusively for exploration activities.

Meanwhile, nothing is known about agreements concerning Uganda’s oil