Uganda is poised to become a major oil producer if key preconditions are met. A joint
venture of three international companies plans a major Uganda Oil Project, in partnership with
the government. Up to 1.7 billion barrels (bbl) of recoverable reserves have been discovered with
a high exploration success rate. However, challenges for commercialization of petroleum have
been significant: infrastructure for commercialization of oil, and a number of outstanding
regulatory and fiscal issues addressed in this report. Oil market developments since mid-2014
have created a difficult environment for project decisions. Uganda has made important progress
in the legal framework for petroleum development, with two new Acts of 2013. The first
competitive licensing round is being held in 2015.
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