The Democratic Republic of Congo and Rwanda have signed a five-year joint exploration agreement for oil under Lake Kivu, All Africa reported.
The deal was signed mid-April by Rwanda’s Minister for Natural Resources, Vincent Biruta, and DRC’ Minister for Hydrocarbons, Aime Ngoi-Mukena, according to Anadolu Agency.
The agreement regulates the terms and conditions of the joint exploitation of oil resources in case of hydrocarbons discovery within the shared cross-border area of the lake.
Furthermore, the two countries decided to exempt the duties and taxes paid on equipment, materials, and chemical reagents imported exclusively for exploration activities.
“Both parties recognize the right of the operator to erect facilities for hydrocarbon resources exploration in or around Lake Kivu in the territory of either party,” the agreement states.
“All the technical data and geological data obtained by the operator during this exploration activity belong to both parties,” it was added to the deal terms.
The agreement was signed shortly after a Rwandan firm, Ngali Mining Company, gained petroleum exploration rights in Lake Kivu.