Canadian firm begins negotiating oil agreements

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Fishermen on Lake Kivu, which is said to have massive methane gas and oil reserves beneath its surface

A Canadian company has obtained exclusive right to negotiate with Rwanda government on a future agreement that will govern how revenue from oil will be shared.

British Columbia-based Vanoil Energy Ltd announced January 29, 2013, that it had secured a two month extension to its Technical Evaluation Agreement with the Rwandan Ministry of Natural Resources. This essentially means, the next step in the oil exploration project begins.

The agreement provides Vanoil with the exclusive right to negotiate a Production Sharing Contract (PSC) covering approximately 1,631 square kilometers of the East Kivu Graben, located beneath Lake Kivu, Rwanda.

Vanoil’s 1,631 square kilometers of oil and gas exclusive licence in the East Kivu Graben in Rwanda is at the southern extension of the Albertine Graben where Heritage and Tullow Oil made their historic discovery in neighbouring Uganda.

 

About the author

Mr. Sina is the Managing Partner & Chief Editor of RwandaEye. After completing his post-graduation from the Faculty of Economics and Management, National University of Rwanda,he worked in various consulting capacities for equity and business firms in Kigali. A shrewd strategist, he is an Economic Pundit, entrepreneur and Investment Banker.

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