First oil transition takes focus at Oil and Gas Convention, banks urged to seize operational opportunities

Minister of Energy and Mineral Development- Hon. Dr. Canon Ruth Nankabirwa (3L) paid a courtesy visit to the I&M Bank booth where she was welcomed by staff during the Oil and Gas Convention.

The 11th Annual Oil and Gas Convention 2026 opened on Tuesday, 28 April, at Speke Resort Munyonyo, marking a pivotal moment as Uganda edges closer to first commercial oil production.

The two-day convention, that ran from Tuesday- April 28 to Wednesday 29th, brought together policy makers, investors, and industry leaders to align on the country’s transition into a long-term oil production phase.

Organized by the Uganda Chamber of Energy and Minerals (UCEM), the Ministry of EnergyMinistry of Energy and Mineral Development (MEMD), and the Uganda National Oil Company (UNOC), the convention ran under the theme “First Oil: Fulfil the Promise, Forging the Future.”

The country’s first commercial oil production is scheduled to begin this July.

The event commenced with an exclusive Investors’ Dialogue breakfast session presided over by the Minister of Energy and Mineral Development- Hon. Dr. Canon Ruth Nankabirwa Ssentamu, and was attended by CEOs from different entities, including I&M Bank CEO- Robin Bairstow.

Hon. Nankabirwa emphasized the sector’s transition into a new phase of operations and long-term sustainability, and encouraged banks to reposition their strategies towards financing long-term operational activities, service delivery, and maintenance across the oil and gas value chain.

“I encourage all CEOs present to strategically shift from capital expenditure-driven engagement, to operations-based contracting, because we are entering an operational era. The opportunities ahead will be defined by long-term service delivery, efficiency, and sustainability across the oil and gas value chain,” she said.

Minister of Energy and Mineral Development- Hon. Dr. Canon Ruth Nankabirwa making her remarks at the exclusive Investor’s Dialogue Breakfast hosted on the sidelines of the conference.

“Uganda’s national content framework continues to require joint ventures, and those already established have secured contracts worth approximately $300m. This figure is expected to grow,” she added.

She further highlighted the longevity of opportunities ahead, noting that the sector is moving beyond anticipation into execution.

“This phase presents long-term opportunities spanning 20 to 30 years, once production begins. The conversation is no longer about when first oil will happen, but rather how we will manage operations effectively.”

The convention also doubled as the official unveiling of the National Petroleum Policy 2025, presided over by Deputy Speaker of Parliament Rt. Hon. Thomas Tayebwa. The updated policy reflects significant changes in the sector, since the original 2008 framework and aims to guide the industry through its next phase.

Rt. Hon. Tayebwa, who presided over the opening of the convention, described oil production as a cornerstone of Uganda’s broader economic ambitions.

“As we move from the infrastructure development phase to the oil production phase, the real opportunity lies in sustained enterprise growth, technology transfer, and positioning Uganda as a regional energy hub. The message is clear: the foundation has been laid, what we need now is disciplined execution,” he said.

Deputy Speaker of Parliament Rt. Hon. Thomas Tayebwa opened the two-day conference.

On the new policy, Tayebwa noted: “The new policy provides a comprehensive framework for the entire petroleum value chain. I call upon all stakeholders- government, the private sector, and our regional partners, to work together to ensure that petroleum becomes a driver of industrial transformation and shared prosperity for generations to come.”

I&M Bank CEO- Bairstow, noted that the rapid developments in Uganda’s oil and gas sector present a transformative opportunity for the banking industry.

I&M Bank CEO- Robin Bairtow pictured at the Investor’s Dialogue Breakfast.

“The transition to production fundamentally reshapes the role of financial institutions. Beyond financing infrastructure, there is now a sustained need for working capital solutions, trade finance, and risk management services that will underpin operations across the value chain. This creates a unique opportunity for banks to support indigenous businesses, strengthen supply chains, and contribute meaningfully to national economic development,” Bairstow said.

Annette Nakiyaga, Head of Marketing and Corporate Communications at I&M Bank, emphasized the bank’s commitment to supporting Uganda’s energy ambitions through strategic partnerships such as the Oil and Gas Convention.

“I&M Bank’s partnership with the Oil and Gas Convention reflects our dedication to enabling growth in critical sectors of the economy. We see this platform as an opportunity to engage with key stakeholders, support knowledge exchange, and position ourselves as a financial partner of choice for businesses operating within Uganda’s evolving energy landscape,” Nakiyaga said.

The convention comes at a time when Uganda’s oil and gas sector has made significant infrastructure strides. Key projects are nearing completion, including the Tilenga Project operated by TotalEnergies, where 152 wells have already been drilled, surpassing the 145 wells required for first oil.

The Kingfisher Development led by CNOOC has reached 70 % completion, with nine production wells finalized, while EACOP stands at over 71 percent completion.

Meanwhile, Kabalega International Airport, now 96 percent complete, is poised to become a critical logistics hub for the sector.