The 11th Oil and Gas Convention 2026 is underway at the Speke Resort Convention Centre in Munyonyo, bringing together key stakeholders and industry leaders to discuss sustainable resource development and new investments as Uganda edges closer to First Oil.
Deputy Speaker of Parliament Thomas Tayebwa, said oil production will unlock Uganda’s full economic potential.
“The petroleum sector is a strategic catalyst for our tenfold growth ambition from a $50 billion economy to $500 billion by 2040, anchored in agro-industrialisation, tourism, mineral-based industrialisation, and science and innovation,” he noted.
He added that Parliament remains committed to providing legislative support and oversight to ensure the sector delivers real value to Ugandans, with emphasis on transparency, strong local content participation, and meaningful investment opportunities.
The two-day event, themed “First Oil: Fulfilling the Promise, Forging the Future,” is organised by the Uganda Chamber of Energy and Minerals, Uganda National Oil Company, and the Ministry of Energy and Mineral Development. It serves as a commercial launchpad as Uganda transitions from development into full-scale oil production.
Energy Minister Ruth Nankabirwa described Uganda’s oil journey as one of resilience:
“The promise is clear. The future is within reach. Together, let us fulfil the promise of First Oil on time, efficiently and responsibly.”
Stanbic Bank Uganda, a Platinum Sponsor of the convention, reaffirmed its commitment to supporting Uganda’s transition into the production phase and enabling value creation across the energy value chain.
“We’re not just banking on the oil sector. We’re leveraging it to build a bridge for farmers, youth, and women entrepreneurs. We believe in using revenues from fossil resources today to finance the green energy grid of 2050," said Stanbic Bank CEO, Mumba Kalifungwa.
He added that oil remains central to global growth and that Uganda’s energy strategy must reflect that reality.
Stanbic’s involvement in projects such as the East African Crude Oil Pipeline is aligned with its purpose of driving Uganda’s growth by enabling broader economic ecosystems beyond infrastructure financing.
Board Chairman Damoni Kitabire highlighted the significance of the moment:
“We are transitioning from the architecture of possibility to the mechanics of production.”
He noted that as Stanbic marks 35 years in Uganda, the bank views the convention as a launchpad for a sovereign value-creation strategy that could reposition Uganda as a regional energy exporter.
Uganda has set July 2026 as the target for First Oil. The Kingfisher Development Area, operated by CNOOC, is expected to produce 40,000 barrels per day at peak, with 18 of 31 wells already drilled.
During the convention, the National Petroleum Policy 2025 was launched, succeeding the 2008 policy and providing a comprehensive framework for the entire petroleum value chain as the country prepares for production.
Kitabire emphasised the need for balanced energy transition:
“While there are calls for an immediate departure from fossil fuels, our responsibility as a systemic financial institution is grounded in economic realism.”
He also expressed appreciation to UCEM, the Ministry of Energy, UNOC, and the Petroleum Authority of Uganda for their leadership.
The convention continues to provide a high-level platform for stakeholders in oil, gas, and renewable energy to engage, collaborate, and align strategies for Uganda’s energy future.
