Rwanda Discovers First Oil in Large Quantity, Set to Rival Nigeria, Other African Countries
- Rwanda has announced the discovery of oil in Lake Kivu, which borders the Democratic Republic of Congo, with approximately 13 wells identified
- The country expressed optimism about the possibility of uncovering additional reserves around the lake
- A previous report said Nigeria and Angola would lead Africa’s oil output to 3.5 million barrels per day in 2025
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
On Wednesday, January 15, 2025, Rwanda disclosed that it had discovered its first oil, with 13 reservoirs in Lake Kivu bordering DR Congo.
Francis Kamanzi, CEO of Rwanda Mines, Petroleum and Gas Board, confirmed the development to parliamentarians, saying that the good news is that the country now has oil.
Source: Getty Images
Rwanda’s oil exploration pays off
Local media stated that Kamanzi disclosed that 13 wells in Lake Kivu confirmed the presence of oil.
According to him, there was a potential to find more due to the enormous reserves found across the Great Lakes region by neighbouring Uganda and the Congo DRC.
The country has been testing and exploring digs in the lake for over a decade.
Despite the ongoing conflict in DR Congo, Rwanda and DR Congo have been discussing exploration.
Nigeria and Angola to lead Africa’s oil output
According to a Vanguard report, Rwanda-backed forces have ceased large territories and mining operations in the region, leading to a humanitarian crisis.
Meanwhile, Nigeria and Angola are set to drive Africa’s oil output to 3.39 million barrels daily in 2025 as producers seek to improve production by 500,000 this year.
According to a report by the Africa Energy Chamber (AEC) in its 2025 Outlook, West Africa will lead the continent’s oil production growth from 6.5 million barrels per day to seven million in 2025.
Nigeria to become Africa’s highest oil producer
The report said the region remained a key driver of oil supply, producing 3.7 million barrels daily.
The continent is estimated to contribute about eight per cent to the global supply of crude oil in 2025, as Global and African supplies are projected to grow gradually.
Available data shows that Nigeria has surpassed the 1.5 million barrels per day oil output limit set by the Organisation of Petroleum Exporting Countries (OPEC) in December 2024.
The data said Nigeria’s output increased by 40,000 to reach 1.5 million barrels, the highest production level in 2025.
Nigeria targets 2.06 million barrels of crude in 2025, including blended and unblended condensates.
The AEC’s report charges Nigeria to curtail theft and vandalism to meet the target.
The Nigerian National Petroleum Company Limited (NNPCL) disclosed in October 2024 that it achieved 1.8 million barrels, attributing it to enhanced security measures.
Crude oil soars in international market
Legit.ng earlier Nigerians may experience a rise in petroleum product prices in the coming days due to the increase in the cost of Brent, the global benchmark for crude.
Crude oil price is a key commodity that sets the price of refined petroleum products.
According to reports, on Sunday, January 12, 2025, Brent crude price reached $79.76 per barrel.
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Source: Legit.ng
