Kampala, Uganda | NEWS CORRESPONDENT | The Deputy Speaker of Parliament, Thomas Tayebwa is confident that oil production will no doubt unlock Uganda’s full economic potential. He said the petroleum sector is a strategic catalyst for the country’s tenfold growth ambition from a $50 billion economy to $500 billion by 2040 anchored in agro-industrialization, tourism, mineral-based industrialization, and science and innovation.
He was speaking at the ongoing 11th Oil and Gas Convention 2026 taking place at the Speke Resort Convention Centre in Munyonyo, It brings together key stakeholders, and industry leaders to discuss sustainable resource development, and new investments as Uganda edges closer to First Oil.
“The Parliament of Uganda remains fully committed to providing the necessary legislative support and oversight to ensure this sector delivers real value to Ugandans. We must prioritise transparency, strong local content participation, and meaningful investment opportunities for our people, especially in high-value segments of the industry.”
The two-day event is held under the theme ‘First Oil: Fulfilling the Promise, Forging the Future’, and is being organized by the Uganda Chamber of Energy and Minerals (UCEM), Uganda National Oil Company (UNOC) and the Ministry of Energy. The convention serves as a commercial launchpad for Uganda’s transition from the development phase to full-scale oil production.
Ruth Nankabirwa, the minister of Energy and Mineral Development said, “Uganda’s oil and gas story is one of patience, resilience and determination. We have come a long way, but the most important phase lies ahead.”
She said, “The promise is clear. The future is within reach. Together, let us fulfil the promise of First Oil on time, efficiently and responsibly. Let us forge a future where Uganda’s natural resources become a foundation for prosperity, dignity and transformation for all our people.”
Speaking earlier during the CEO breakfast, Mumba Kalifungwa, the Stanbic Bank Chief Executive, said, “We’re not just banking on the oil sector. We’re leveraging this sector to build a bridge for farmers, youth and women entrepreneurs. We believe in a transition using the revenues from our fossil resources today to finance the green energy grid of 2050.”
“The reality is that oil remains deeply embedded in the architecture of global growth. It is within this context that Uganda’s path must be understood and we can assert with confidence that Uganda’s first oil will not be the world’s last.”
Stanbic’s commitment to projects such as EACOP is anchored in our purpose: ‘Uganda is our home, we drive her growth’. This is not merely about financing infrastructure, it is about enabling a broader ecosystem of value creation.”
He called on all stakeholders – government, the private sector, and regional partners – to work together to ensure that petroleum becomes a driver of industrial transformation and shared prosperity for generations to come.
The government set July this year as the target for First Oil. The Kingfisher Development Area (KFDA) operated by CNOOC, will produce 40,000 barrels of crude oil per day during peak production and so far 18 wells out of the 31 have been drilled.
During the event, the new National Petroleum Policy 2025 was launched, which is a successor to the National Oil and Gas Policy, 2008. The new policy provides a comprehensive framework for the entire petroleum value chain as the country prepares for the first oil production this coming July.
Damoni Kitabire, Stanbic Bank’s Board Chairman, said, “For over a decade, this convention has been a forum for planning and projection. Today, as we stand on the precipice of First Oil, we transition from the architecture of possibility to the mechanics of production.”
He said, “This year is particularly significant for us at Stanbic Bank, because we are marking 35 years of partnership with the people of Uganda. Since 1991, Uganda has been our home, and we have been committed to a single purpose of driving her growth.”
Stanbic Bank, he said, views this convention not merely as an industry gathering, but as the commercial launchpad for a sovereign value-creation strategy one that will redefine Uganda’s position from a net importer to a regional energy exporter.
” While there are voices calling for an immediate departure from fossil fuels, our position and indeed our responsibility as a systemic financial institution is grounded in economic realism.”
Kitabire expressed appreciation to the Uganda Chamber of Energy and Minerals, the Ministry of Energy, UNOC, and PAU for their visionary stewardship.
The conference provides a unique platform for stakeholders involved in the Oil & Gas, and Renewable Energy sectors to engage in high-level discussions, and networking.
