Tullow makes Kenya's first oil discovery

 

Kenya unveiled its first oil discovery yesterday at an exploratory well by Tullow Oil in the north of the country.

The find comes as east Africa has become an international hot spot for oil and gas exploration after commercial deposits were found in Uganda, Tanzania and Mozambique. Tullow said it would drill more wells in the area to establish if the find is commercially viable.

Separately yesterday, Ophir Energy, which counts the steel billionaire Lakshmi Mittal as a major shareholder, madeits biggest-ever gas find off the coast of Tanzania along with BG.

Shares in Ophir, where Mittal Investments is a 14 per cent shareholder, jumped 19 per cent, valuing the tycoon's stake at £244m.

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