Currently both Uganda’s oil and gas and mining industries are at crucial stages in their progress; with the country’s hopes for economic recovery heavily leaning on them.
With First Oil scheduled to be achieved by the first quarter of 2025, our 2024 Outlook report examines what maneuvers the government of Uganda and the international oil companies have up their sleeves to ensure the milestone is realized.
More than $4 billion has been invested in Uganda’s oil and gas industry to date, amidst environment protection activists’ best efforts to undermine its advancement. We, however, unreservedly support its growth even though we see risks further down the road.
Meanwhile, with some of the important regulations needed to operationalize the new Mining and Minerals Act 2022 passed at the tail end of last year, we expect more movement in the mining industry, especially on the licensing front – which had been halted for the better part of 2023.
Advanced exploration in the country’s critical minerals, especially rare earth elements (REEs) and graphite, have raised expectations, with Uganda positioning itself to play a significant role in the global Green Energy revolution.
Speaking at the Mineral Wealth Conference (MWC2023) in October last year, Jan Sadek, the European Union Ambassador to Kampala, noted that in line with the proposed EU’s Critical Raw Materials Act, “the EU was ready to engage Uganda in the context of a mutually beneficial partnership.”
This global demand for critical minerals therefore, is something that we believe has the potential of transforming Uganda’s mining position.
Download the PDFs of our 2024 Outlook for Uganda’s Oil & Gas and Mining industries, here.