Parliament has passed a bill governing the prospecting and exploitation of petroleum products that now waits President’s assent.

The bill, passed last week, provides a regulatory framework for the development and management of upstream petroleum activities.

According to Evode Imena, the State Minister in charge of mining at the Ministry of Natural Resources, preliminary prospecting results show that Lake Kivu could be having massive oil reserves.

He said that surveys were conducted using planes and boats that scanned potential zones of the reserves using two dimension seismic studies.

As opposed to the perception that only financial muscled companies will take up the business, Rwanda’s private sector players have expressed interest in the prospects.

Stephen Ruzibiza, the chief executive officer of Rwanda Private Sector Federation (PSF), commended the move to have a legal framework, saying the standards set will guide investors.

"Although I cannot disclose local players who have expressed interest in the upcoming oil exploration projects, what I can say is that we won’t be left behind,” he said.

Imena said the Government took into consideration what transpired in neighbouring countries with the oil mineral resource to design a favourable law.

Article 15 of the draft law states that where petroleum has been discovered in an exploration area, prospectors shall inform the line ministry on the commercial potential.

"The exploration licensee must, not later than ninety (90) days from the date on which the discovery was made, provide the Minister a notice stating that the discovery is, or is not, in the opinion of the licensee, of potential commercial interest,” reads the article.

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