**Chimp Reports** reported on October 31 that Uganda's Energy Minister Ruth Nankabirwa stated in Kampala upon receiving the Uganda National Oil Corporation's 2025/26 annual report that the country's proven oil reserves have increased from 6.4 billion barrels to 6.65 billion barrels. The East African nation is moving closer to its long-delayed goal of achieving first oil production in 2026. Nankabirwa told reporters, "Uganda's oil reserves have risen from 6.4 billion barrels to 6.65 billion barrels, with recoverable reserves increasing from 1.4 billion barrels to 1.65 billion barrels." The Ugandan government anticipates that once commercial production begins, oil revenues will contribute to economic diversification and infrastructure financing. This latest reserve revision comes as authorities seek to reassure investors that the country remains on track to achieve its first oil production in 2026.
