(Ecofin Agency) - The Democratic Republic of Congo (DRC) has expressed its readiness to negotiate with other three countries sharing the Lake Tanganyika in order to discuss the methods of extracting oil and natural gas in the lake.

This is a new development as Tanzania and DRC have been in disagreement over the proposal for both countries to issue a combined exploration licence for the lake.

The two countries in May 2008, entered into an agreement for joint exploration of the lake but Congolese senators intensely condemned the agreement.

Experts have cautioned that the lack of delineated boundaries between the countries sharing the lake could result in disputes.

Before now, Tanzania Petroleum Development Corporation (TPDC) allocated two blocks on the Tanzanian side of the lake. The southern block was awarded to Beach Energy that same year.

Oil find in Lake Albert which is located in the Great Rift Valley as Lake Tanganyika, coupled with Beach Petroleum's announcement in 2012 that preliminary seismic surveys had shown the potential of 200 million barrels of oil in the lake, have elevated hopes of huge oil deposits in the area.

According to Sospeter Muhongo, Tanzania's Minister for Energy and Minerals, DR Congo’s ministers and Tanzania have agreed to hold joint meetings in October to deliberate on the issue.

“They (DR Congo ministers) will collaborate with their counterparts from Burundi and Zambia to discuss the exploration of oil and gas but us (Tanzania) have already started exploration activities in Lake Tanganyika,” Muhongo told The EastAfrican.

Anita Fatunji