Uganda suffers low electricity supply which translates negatively on the country’s socio-economic scorecard. The expectation on the oil and gas sector to revamp the economic situation of a nation upon exploitation of its natural resources is a common phenomenon. Although, oil exploration and future exploitation promise to attract investments and development of technological initiatives, spread across different industrial sectors, as well as, encourage diverse businesses to spring up. Regardless, there are negative consequences. The latest discovery of oil in Kenya, Tanzania and most recently Mozambique creates new attraction and draws global attention toward the continent. This paper evaluates the oil development progress in Uganda to meet the increasing energy demand of the rapid industrialization that flocks the country. We review the oil production and refining processes and argue about the preparedness and likely challenges of the nation to consider her Renewable Energy (RE) potential for power generation. The authors adopt a qualitative research approach, using three unique methods to conduct the assessments. Hence, provide the latest information about ongoing activities on oil and gas exploitation by the Government of Uganda (GoU) from a broader perspective. The study examines and suggests ways to secure the future and energy dispensation of Uganda. GoU will need to review the current structure of its petroleum bill, consider power delegation to include lower organs and forester lucency in the oil exploitation processes. Also, intensify commitment towards the sustenance and development of renewable energy projects.