Uganda

Investment & Operational Criteria

Key Indicators
‍

Risk Premia
‍

7.500

Outlook
‍

Negative

Rating
‍

CC|4H|-

Ranking
‍

Reserves (1P)
‍

Total
‍

mm boe

Oil
‍

Summary

Earlier political turmoil and the issues faced by Tullow over the sale of its assets damaged perceptions of the country. However, first oil from Tilenga and Kingfisher is targeted for 2026, with EACOP construction well advanced, and the government has kept to its commitments with TotalEnergies and CNOOC. Governance and reputational risks remain. Outlook amended from Negative because the projects are approaching first oil with government support. Outlook: Neutral. Risk premia unchanged at 7.5%.

Updated

October 7, 2026

Country Basics

Region

Africa - East

Reserves (1P)
‍

Oil
‍

mm bbl

Gas
‍

bcf

Location

East-Central Africa, west of Kenya, east of the Democratic Republic of the Congo.

Outline

Tax Regime
Type

PSC/PSA

Tax Regime
Notes

Production Sharing Contract ("PSC")-based fiscal regime. Royalty rates and profit oil splits between contractor and government are both based on sliding scale linked to production rates. Cost recovery ceilings are negotiable. The contractor is also liable for income tax. Signature bonuses are negotiable, and some minor rentals are payable. There is no additional profits tax.

Investment &
Operational
Climate

President Yoweri Museveni, in power since 1986, sought a further term in the January 2026 election amid repression of the opposition. US and UK guidance cite corruption, governance concerns and the reputational impact of the 2023 Anti-Homosexuality Act. The EIA notes that first oil from TotalEnergies' Tilenga and CNOOC's Kingfisher fields is targeted for 2026, with exports via EACOP to Tanzania.

Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.