Uganda Reboots Oil and Copper Ventures

Uganda is set to kickstart its third petroleum exploration licensing round in the fiscal year starting July 2025, amidst plans to revamp the Kilembe copper mine. Energy Minister Ruth Nankabirwa hints at upcoming oil production in the Albertine Graben basin after years of delays.

Uganda is poised for a significant push in its energy sector, announcing its third petroleum exploration licensing round for the 2025/2026 fiscal year. This move aims to stimulate oil and gas exploration, expanding beyond already known regions in the Albertine Graben basin. Energy and Mineral Development Minister Ruth Nankabirwa made the announcement, highlighting the country's commitment to becoming a key player in the African energy landscape.

The minister also revealed progress in oil production plans, with crude oil extraction expected to commence this year. This comes after the discovery of oil nearly two decades ago in the Albertine Graben basin, a milestone that has seen delays in realizing its potential. Additionally, geologists are conducting oil surveys in new northern and northeastern basins, hinting at further expansion of Uganda's oil maps.

Significant developments also include the revival of the Kilembe copper mine, which has remained dormant since the 1970s. With estimated reserves of about 4 million tonnes of ore containing copper and cobalt, the government is negotiating the final stages with a tender winner to revamp operations. Minister Nankabirwa assured an imminent announcement finalizing these plans, further cementing Uganda's economic growth through mineral exploitation.

(With inputs from agencies.)