Uganda National Oil Company

Stock performance

History

Uganda National Oil Company was founded to manage the Ugandan state's interests following the discovery of significant oil reserves in the Lake Albert region in the mid-2000s, and has become central to the long-running development of Uganda's first major oil production project alongside international partners including TotalEnergies and CNOOC.

Business model

Uganda National Oil Company manages the Ugandan state's participation in oil exploration and production, including the major Lake Albert development project and the associated East African Crude Oil Pipeline being built to export Uganda's crude to international markets via Tanzania.

Market position

Uganda National Oil Company holds a central position in Uganda's emerging oil sector, working alongside international partners TotalEnergies and CNOOC on what is expected to be Uganda's first large-scale oil production, though the project has also drawn significant international environmental and human-rights scrutiny.

Country impact

Uganda National Oil Company is a pivotal institution in Uganda's economic future, and the Lake Albert oil project and associated export pipeline it oversees represent one of the most economically and politically significant infrastructure developments in the country's modern history.