Since 2006 sizeable oil deposits have been found in the country, indicating that Uganda’s once agriculture-based economy is on the brink of a rapid transformation in favour of its natural resources sector. Whether this discovery of oil will support the economic development of the country remains to be seen. Uganda is in a favourable position because regulations and procedures for the management of natural resources have already been put in place. However, persisting opacity within governance structures, worrying gaps in the current legislation and on-going violent conflict are but a few of the challenges that the country must overcome if it is to avoid the resource curse. This briefing considers the potential for Uganda’s new-found oil wealth to be governed in such a way as to foster economic growth and development that will benefit all Ugandans.