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TodayWednesday, April 29, 2026

First Oil

Mumba Kalifungwa, Chief Executive of Stanbic Bank Uganda, argues that the bank must champion a pragmatic path for Uganda’s oil journey, balancing economic growth with a just energy transition. He underscores the role of finance in transforming natural resources into lasting national prosperity while preparing the country for a sustainable, inclusive energy future.
Mumba Kalifungwa, Chief Executive of Stanbic Bank Uganda, argues that the bank must champion a pragmatic path for Uganda’s oil journey, balancing economic growth with a just energy transition. He underscores the role of finance in transforming natural resources into lasting national prosperity while preparing the country for a sustainable, inclusive energy future.

Turning Oil into Opportunity: Stanbic Bank’s Role in Uganda’s First Oil Journey

As Uganda approaches the long-anticipated milestone of first oil, it does so at a moment of profound contradiction in the global energy narrative. On one hand, the world is accelerating toward a
April 25, 2026
Uganda has increased its recoverable oil resources to 1.65 billion barrels, strengthening confidence in ongoing oilfield developments and reinforcing the country’s readiness for First Oil as major projects near completion.
Uganda has increased its recoverable oil resources to 1.65 billion barrels, strengthening confidence in ongoing oilfield developments and reinforcing the country’s readiness for First Oil as major projects near completion.

Uganda Raises Recoverable Oil to 1.65 Billion Barrels

Uganda’s petroleum sector has recorded a major milestone with new assessments showing a rise in recoverable oil resources from 1.4 billion to 1.65 billion barrels. The announcement was made by Ernest Rubondo,
November 20, 2025
The 525 metre long Paraa Bridge along the 159 kilometre Masindi (Kisanja) Park- Tangi Junction- Paraa road. The road is part of the 700 kilometres of 12 oil roads in the Albertine Graben where government of Uganda has invested USD900 million to facilitate oil activities in the region. As of November 2020, progress on these roads was 60%.

With over USD1 bn earned by Ugandans and over USD1.7 bn gov’t infrastructure investments; how oil and gas is changing Ugandan lives even before first oil flows

From the time Uganda hit the first commercially viable oil finds at Mputa-1 well on 6th January 2006, the word on everyone’s lips has been “first oil”. Cabinet in 2008 passed
December 14, 2020

 

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