Uganda is on the verge of becoming an oil-producing nation after nearly two decades of planning. The country is set to begin production before the end of its financial year in June 2027. This development comes as East Africa seeks to enhance its energy self-sufficiency, particularly amid disruptions in oil flows from the Middle East conflict.
Kristina Kasebayo, Head of Compliance at the Uganda National Oil Company, discussed the final stages of this process during a fireside chat at Africa Energy Week. She spoke with Jennifer Zabasajja, Chief Africa Anchor and Correspondent for Bloomberg Television, highlighting the significance of this milestone for Uganda's economy.
The move towards oil production is part of a broader regional effort to reduce dependence on external energy sources. Uganda's entry into the oil market is expected to bolster East Africa's energy security and economic stability.